Macquarie Bank Updates
Macquarie is updating their competitive low rate offering for new clients. They are also making some changes to their home loan credit assessment process, and their latest serviceability calculator.
These changes came into effect from Thursday 16 April 2020.
We appreciate this is a very difficult time for the many Australians impacted by the coronavirus situation. Our approach is intended to support new borrowings while also ensuring, as part of our responsible lending obligations, customers can meet their loan repayments without undue hardship.
Continue reading for more information on:
- the introduction of a new rate tier for 60% LVR
- changes to our credit policy
- updated serviceability calculator
- our new website page housing all your FAQs in one place
- an email contact for our customer solutions team.
New Variable Interest Rate Tier
We're introducing a new variable rate 60% LVR tier for both owner-occupier and investment loans.
These new interest rates start from as low as 2.69% p.a. for variable owner-occupier P&I at 60% LVR.
We hope these new low rates lead to more opportunities and conversations with your clients.
Credit Policy Changes
For applications where the LVR is less than or equal to 70%, the existing policy applies.
For applications where the LVR is greater than 70% the following rules apply:
- Loan purposes involving debt consolidation, equity release or cash out (above $5,000 being an allowance for costs) are no longer permitted
- Maximum debt allowed is equivalent to 6 times the borrower's income
- Additional income and employment verification requirements now apply to all applications, not just those in impacted industries.
Refinances of existing home loans that maintain current redraw is not deemed cash out and are still permitted.
These changes are effective from Thursday 16 April 2020.
Applications in progress
Please note that existing applications (including all pre-approvals) submitted before Thursday 16 April 2020, have until close of business Friday 24 April 2020 to be formally approved under the existing policy. All formal approvals on and from 25 April 2020 will be assessed under the new credit policy.
Updated Serviceability Calculator
The latest Household Expenditure Measure (HEM) in serviceability calculator update has been incorporated.
These changes are effective from Thursday 16 April 2020.
Download calculator document here
Your Questions Answered Online
So that you can quickly find the answers you need on topics like payment pause, identification, and valuations etc., and FAQ webpage has been created. This page will be updated on a daily basis.
Skip the phone queue - email Macquarie's customer solutions team for existing loan changes
To help save time, if you or your clients have any queries for existing loans such as fixing interest rates, new discharge instructions, or general retention questions, please contact the customer solutions team on customersolutions@macquarie.com.au.
*WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.