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Macquarie PPOR loans?

Discussion in 'Property Finance' started by smallbuyer, 19th Nov, 2015.

  1. smallbuyer

    smallbuyer Well-Known Member

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    WA
    Hello,
    Does anyone know how Macquarie treats loans that are cross collateralized with PPOR and investment properties? I have heard some lenders (like 1stmac) treat all your lending as PPOR if you PPOR is with them.

    Cheers
     
  2. Jess Peletier

    Jess Peletier Mortgage Broker - Australia Wide Business Member

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    Not sure, but I will say that a few points off your rate is not a good reason to cross your loans. Better off splitting them up and getting your structure right as the first thing, and worrying about rate second.
     
  3. D.T.

    D.T. Adelaide Property Manager Business Member

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    Don't let them cross coll and avoid the issue :)
     
  4. smallbuyer

    smallbuyer Well-Known Member

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    I agree crossing is bad, is an old loan from a long time ago. Also what about if you had 2 separate loans with macquarie? would they treat both as PPOR if you have your PPOR with them?

    cheers
     
  5. Peter_Tersteeg

    Peter_Tersteeg Finance broker and strategist Business Member

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    No, Macquarie won't treat your IP loan as a PPOR loan. They will be more open to negotiation on the IP loan because they hold both properties. You'll get a better deal on the IP loan than you normally would, but it won't be as good as the PPOR loan.
     
  6. Redom

    Redom Mortgage Broker Business Member

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    Macq are quietly discounting IP loans again, but they're offering isn't very competitive in that space.

    You may be able to negotiate a better deal with both securities on the table - the actual crossing won't really help you with a rate discount.

    Cheers,
    Redom
     
  7. smallbuyer

    smallbuyer Well-Known Member

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    Thanks for your comments. I wonder how Mac or others for that matter would treat you if you have 1 existing loan but it has 2 properties as security, one of which is your PPOR?
     
  8. Jess Peletier

    Jess Peletier Mortgage Broker - Australia Wide Business Member

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    Westpac and Suncorp will both give you PPOR rates.