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2.19% Fixed Home Loan Rate 1-3 Years (70% LVR, OwnOcc) @ Macquarie Bank

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2.19% Fixed Home Loan Rate 1-3 Years (70% LVR, OwnOcc) @ Macquarie Bank
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Skramit on 09/06/2020 - 12:49 macquarie.com.au (532 clicks)
Last edited 09/06/2020 - 12:49

Have just taken up this deal myself so thought I'd share as Macquarie only released this fixed rate a week or so ago. You won't find much better from a big bank as ANZ recently increased their equivalent fixed rate offering due to a huge backlog of applications as their Indian call/processing centre's being shut.

2.19% is a great rate from a Tier 2 bank with all the features. Fixed from 1 to 3 years.

LVR must be less than or equal to 70%, so more likely to suit refinances than first time borrowers.

*** Not financial advice, do your own research :) ***

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  • Tock on 09/06/2020 - 12:51

    Any further bonuses or packages? E.g. ANZ offer $3-4k rebate despite the 0.1% rate increase…

    • Skramit on 09/06/2020 - 12:51

      Not sure, I was an existing customer so check with Macquarie or your broker.

      • Skramit on 09/06/2020 - 13:08
        +1

        I was looking at ANZ 2.19 closely just before they upped it. My broker said ANZ had something like a 60 day backlog of loans to process due to indan offices being shut down. Whether thats true or not i'll never know but thought it was worth factoring in.

          • tunzafun001 on 09/06/2020 - 14:28

            @User344505: …and 'potentially' if your fixed rate rises, and you want to leave (ie maybe sell up) you might have no break costs as the calculations are often based on the rate DROP difference.
            Why, because banks can then lend your money to someone else for more. BUT obviously check your own breakcost calculations first, these can be HUGE!

        • sweefu on 09/06/2020 - 13:21
          +1

          Broker here - it's true (currently more like 35 days though)

          • Skramit on 09/06/2020 - 13:33

            @sweefu: Yikes. Is that because India is shut down so they are having to process them in Australia?

        • scoorey513 on 09/06/2020 - 15:59

          I read on another thread that the $4000 cashback was at ANZ discretion - what are the chances they don't give it to me?

          • desparito on 09/06/2020 - 18:37

            @scoorey513: i was told by my broker that as long as the application is submitted before 31st May midnight, you are eligible for $4k cashback upon settlement. I dont konw why would ANZ not honour the cashback… anyways lets see

  • zerog101 on 09/06/2020 - 13:02

    The Macquarie offset loan for 2.64 sounds pretty good to me as well

  • lippy on 09/06/2020 - 13:06

    Owner occupier rates, do I have to live in the property to get that rate?

    • Skramit on 09/06/2020 - 13:07
      +1

      Yes.

      • ButterYourMuffin on 09/06/2020 - 13:09

        Do they know?

        • Skramit on 09/06/2020 - 13:10
          +1

          Do the police know if you steal a carrot at the supermarket? Maybe not, but it's still stealing.

        • DrRalph on 09/06/2020 - 14:49

          Yep.

        • freesteakknives on 09/06/2020 - 16:34
          +2

          The taxman also might if that's an issue for you. Went to an ATO presentation where they pulled toll road records for someone who was claiming the Maserati as the daily company car to visit clients. ATO found that car was only driven on Sundays and not where the clients were located. Deduction declined. ATO have a long reach these days

    • tunzafun001 on 09/06/2020 - 14:33

      Often the contracts read 'intention' to live in…Based on me reading a contract many years ago. So read the details carefully.

  • oshin on 09/06/2020 - 13:08
    +2

    HSBC still have fixed 2 years for 2.09%

    • Skramit on 09/06/2020 - 13:20
      +4

      Having seen the doco about HSBC on Netflix I couldn't touch them. (not that any bank is squeaky clean, but HSBC seemed next level)

    • ilsan0 on 09/06/2020 - 13:23

      ING is 2.09% fixed as well however their assessment rate is 8.5%

      • Edobear on 10/06/2020 - 01:10

        Broker here, assessment rate is 8%.

        • oshin on 22/06/2020 - 20:51

          What is assessment rate?

  • willyroo on 09/06/2020 - 13:35
    +1

    Thanks OP, made me look! And our LVR is under 60%, so we also have room to negotiate on the offset variable rate as well.

    • Skramit on 09/06/2020 - 13:39
      +1

      My LVR is about 61% and they wouldnt budge on my variable rate since their advertised 2.69 requires 60% LVR. So I was a bit annoyed, but ended up fixing a large chunk at 2.19 anyway.

  • kanad on 09/06/2020 - 14:19

    I have Macquarie loan against 1 property, actually a split of 6 loans with 6 offset accounts. Does ANZ or any other bank allow refinance while keeping this structure?

    • syba on 09/06/2020 - 14:38

      Yep - all banks let you do what you want. Some you may pay one package fee and can have as many loans for free under that; some charge a monthly/annual fee per loan (so the more loans you have, the more it costs), some don't charge anything (but generally speaking the interest rates on those aren't as good).

  • tg on 09/06/2020 - 15:10

    In https://www.macquarie.com.au/home-loans.html#tab-panels-0-ow… , it shows offset interest rate.

    A fixed rate loan with offset?
    How does it work?

    • purpleturtle on 09/06/2020 - 15:28

      The same as a variable rate loan with offset…?

      Offset = your interest each month is calculated based on owing amount - amount in offset account, rather than the full owing amount. Whether it’s fixed or variable shouldn’t make a difference I think.

      • fortunecookie on 09/06/2020 - 15:43
        +2

        But then it has a note on that site saying:"Note: Offset benefits are not available while the linked Loan Account is on a fixed rate of interest"

        What does that mean??

        • SonOfATightASS on 09/06/2020 - 20:47

          Sound like when the fixed rate expires the account might become an offset(?)

          • Edobear on 10/06/2020 - 01:15

            @SonOfATightASS: They allow the 'offset' with the fixed rate but you don't get the benefit until the fixed rate reverts to the variable. The wording is confusing with Macquarie unfortunately.
            If you want a fixed rate with an offset there are only a handful of banks which will allow for this. To name a few, Teachers Mutual Bank and associated brands, Bank Australia, Adelaide Bank, Illawara Mutual Bank, 1 year fixed with ANZ.

            • NeverMissABargain on 10/06/2020 - 09:26

              @Edobear: And I believe offset account with fixed is only applicable for 1 year tenure.

              • Edobear on 17/06/2020 - 15:10

                @NeverMissABargain: For ANZ correct. The other banks I mentioned should allow for the offset on any of their fixed rates.

            • haliloo on 15/06/2020 - 11:00

              @Edobear: @Edobear could you please enable your private chat conversation? I want to send you a message.
              Cheers

    • Skramit on 09/06/2020 - 16:23

      Not sure why its worded like that but offset accounts do not apply to fixed rate loans at Macquarie.

  • papapanda on 17/06/2020 - 11:15

    There is a 10k cap on additional repayments with the Macquarie Fixed Rate Loan, with no offset during the Fixed period. The variable rate that it reverts to after the fixed period is higher, so in the long run you end up paying more interest.

    If somebody can show me a Loan that offers 2.29% (or lower) fixed for 3 years, with either 100% offset or unlimited additional repayments during the Fixed period, and option to repeatedly re-fix with the same terms and at the same low rate (or whatever the lowest fixed rate of the day is); I'm all ears.

    • Skramit on 17/06/2020 - 11:41

      Most fixed rate loans are very restrictive for a reason. They offer very low rates in return you give up flexibility of early repayments or offset accounts.

    • Edobear on 17/06/2020 - 15:18

      Hence why most people if they know their rate will be going up when reverting to a variable rate will look to either refix or refinance their loan. No bank will be willing to allow the option to repeatedly refix with the same terms & rate as you might as well fix it for a longer term 5yrs or more then.

      They will however let you refix it at whatever their fixed rate of the day is but this could be higher due to market conditions at the time.

      If you are trying to beat the bank with the fixed rates you're gonna have a bad time. They usually have a floor of people working out for them how to make money on their fixed rates.

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