Mac Bank back in mortgage game
(12 June 2010 – Australia) Macquarie Bank is now in the process of finalising distribution agreements with some of Australia’s largest brokers, as the lender plans to fund up to A$5 billion worth of mortgages in the next 12 months.
Since late last year Macquarie Bank has been testing its new mortgage product through two firms it has a stake in, Vow Financial brokers and AFG.
The Macquarie Bank Mortgage Solution offers a variable interest rate of 7.41 percent and for property investors looking to borrow more than A$400,000 a discounted rate of 6.81 percent is available.
A spokesperson for the bank said that they had received good feedback from brokers offering the product.
When the credit crisis struck in early 2008 the bank slowed its mortgage distribution services disappointing brokers and mortgage managers.
Connective head of mortgages Mark Haron told The Herald Sun that he views Macquarie’s return with mixed feelings.
It was frustrating when they pulled out of mortgages. It did hurt some brokers and their clients, Mr Haron added.
They’ve got some good products and their credit policies are competitive but I think some brokers will be a little bit gun-shy, Mr Haron highlighted.
The Macquarie Bank Mortgage Solution offers a variable interest rate of 7.41 percent and for property investors looking to borrow more than A$400,000 a discounted rate of 6.81 percent is available.
A spokesperson for the bank said that they had received good feedback from brokers offering the product.
When the credit crisis struck in early 2008 the bank slowed its mortgage distribution services disappointing brokers and mortgage managers.
Connective head of mortgages Mark Haron told The Herald Sun that he views Macquarie’s return with mixed feelings.
It was frustrating when they pulled out of mortgages. It did hurt some brokers and their clients, Mr Haron added.
They’ve got some good products and their credit policies are competitive but I think some brokers will be a little bit gun-shy, Mr Haron highlighted.
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