(58 Reviews)

Macquarie Bank Reviews

Macquarie has pioneered many innovations in the mortgage market. First, they funded Aussie Home Loans through securitisation, and then they started offering low doc loans. Now, Macquarie is spearheading the digital mortgage.

Macquarie has invested a fortune to make digital mortgage a reality. With this new technology, you can now apply for a home loan, get approved, and have your contract accepted without most of the paperwork.

What does Macquarie offer?

Macquarie offers fixed-rate loans and variable rate loans for home buyers. The Basic Home Loan is a simple, low-fee, low-rate home loan suitable for small borrowers.

One step higher is the Offset Home Loan, which is comparable to the professional packages offered by major banks. It has an annual fee, but in return, you get to enjoy a lower interest rate and a credit card with zero fees.

For big borrowers, the Line of Credit Home Loan is a great option. More superior than the LOCs offered by major banks, it allows you to go over the limit on one account if you have multiple sub accounts, as long as you stay under the global limit. Macquarie's LOC is a popular choice with many investors because it allows you to capitalise on interest.

Macquarie Variable Home Loan features

• Can link up to 10 offset accounts
• Redraw facility available
• Allows additional repayments
• Option to make monthly loan repayments
• Earn Qantas points on select Macquarie home loan products

Macquarie Mortgage Pros and Cons

Why choose Macquarie for your mortgage?

• Competitive variable rates
• Great customer service
• Refinance a home loan with no refinancing statements required
• Considers small business write-offs
• Unlimited cash out under 70% LVR
• Lower interest rates for large deposits
• Fast loan approvals
• Accepts alternative income verification for self-employed borrowers
• Reasonable exit strategies for people over 50 years old
• Assess large loans with common sense instead of credit score
• Zero fees with the Westpac / St George ATM network
• Upfront bank valuations
• Special deals for doctors and other medical specialists

Why should you take a second look?

• The higher the LVR, the higher the interest rate on fixed-rate loans
• LMI premiums can be expensive
• Tough on people with bad credit history
• No branch access
• Difficult to borrow over 90% of the property value
• Rent is not considered genuine savings
• May be slow to assess your application
• Tough credit scoring
• Does not offer guarantor home loans

Negotiate the Best Deal for your Macquarie Mortgage

It is possible to negotiate a better interest rate with Macquarie if you are applying for a large loan or if they feel that they are losing customers to other lenders. If you’re not convinced with getting a Macquarie mortgage, then you’re in the right place. Makes Cents lets you compare available mortgage offers from various banks in Australia. Check out mortgage plans today.

Macquarie Bank Reviews Bank

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(58 Reviews)