Macquarie bank offers a number of mortgages for their client base
Macquarie Bank Mortgages
April 12th, 2010
Macquarie bank offers a number of mortgages for their client base.
Macquarie bank is an investment bank that has recently expanded its consumer finance activities, particularly aiming at its already existing retail investors. It was formed in 1968 as Hill Samuel Australia, the Australian branch of the London based stock brokers and has since gradually expanded both in offering consumer finance and in offering investment banking services. Macquarie also offers stock broking services, credit cards and unsecured investment loans.
Macquarie offers three types of mortgage, the Macquarie Premium, the Macquarie Classic and the Macquarie Line of Credit.
The Macquarie Premium mortgage is advertised as a “complete solution” for investors and borrowers. It is a comprehensive loan package with a number of features that offer flexibility for the investor, and is particularly well suited to people who wish to borrow for investment purposes while still paying off a mortgage. There are no account management fees for this flexible home loan.
The loan has offset features, where extra repayments towards the loan can be put into a savings account and set off against the interest costs of the mortgage. As the extra payments are in an offset account then they can be withdrawn at will with no redraw costs. It is possible to use this offset account to park money when an investor is waiting to find a new investment opportunity.
As well as offset accounts it is possible to get a debit card linked to the account with debit card, EFTPOS and ATM functions. The card is a Macquarie VISA gold or VISA platinum card, with a rewards program and free travel insurance.
The Macquarie Classic mortgage is a more conventional home loan. It is aimed at first time home buyers. It can also act as a low cost secured loan for investment purposes. It does not have the same level of access as the premium mortgage. There are no on-going fees. There is a Macquarie Visa RateSaver Card provided with the loan.
The Macquarie Line of Credit is a flexible loan secured against a residential property. Essentially it means that there is a guaranteed amount of money to be loaned, but the borrower only pays interest on the money that is borrowed at any one time. There is an annual fee of $398 that applies for as long as the line of credit is available. A gold or platinum card is offered with the account.
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