I’m so happy with Macquarie Bank, they have the best Customer Service of any Bank that I have used in Australia. Is so easy to deal with Macquarie by Phone, that I never hesitate to call them when I need to change something. The waiting times are reasonable and also the knowledge of the person on the other side of the line excellent. On top of that, Macquarie provides with very good rates, better than the big 4 and quite competitive with the new financial startups.
If you are wealthy and don't fault you might be OK. If your average and get into trouble you will be shredded, even if there is a way out the will still mash you into the ground.
Disgusting attitude to customer Mental Health and suicide. Happy to provide info on how suicide could be used by the customer as a fix from foreclosure. Their Customer Advocate Department is just a tool they use for their benefit, completely shattering for the customer. Complaints department what can I say, I was thinking hard about offing myself after my last run-in with the manager there.
The banks service has gone down hill. Now they give a 1300 number to ring and the wait times are awful. I've tried to get the bank to match the new customer home loan rate after being a loyal customer for 10 years and they keep refusing to review the rate. They are very poor in responding to emails and are very fast to raise rates when they can. Avoid at all costs.
I recently took out a construction loan with Macquarie and the service so far has been terrible. The problem stems from the fact that you don't get a direct contact/bank manager that is accountable for the management of your loan. As a result, if you need something to happen (e.g. submit a progress payment so that your builder gets paid), then there is no single point of responsibility to makes sure that action is taken and any further communication is requested for. This is manifests in the (daily) experience below. 1. call their home loan line, be on hold until a consultant is available 2. go on hold again while they read through your notes/case (because they’ve never dealt with your loan before) 3. Provide the same answers to previously unresolved questions (because they’ve never dealt with your loan before) 4. Go on hold again while they make the same enquiries that the previous consultant made 5. Give “assurance “ that its being sorted but don't give any timeline or commitment to rectify 6. When pushed on 5. be given the answer “try calling us tomorrow to see if there’s any progress” (no one is responsible) 7. Repeat previous steps with a different consultant tomorrow Short story - their process doesn't seem to involve anyone having ownership of your account. Until Macquarie Bank make fundamental changes with how they handled construction loans I couldn't in good faith recommend Macquarie. I'll provide updates if we (ever) receive any communications or action on our loan.
Pro: ~ i got my loans approved in just 3 days while other banks may take a month to do so ~ got a conditional approval after just 1.5hours phone call ~ cheap rate, and accept apartment as security as well ~ super responsive staff members, they allocate their time to help you with tight settlement date Cons: None so far
Macquarie are quick to respond to enquires. They try to do the right thing, e.g. don't charge a ATM fees if you have to use another provider...if they are able. Are secure and have competitive rates. Also have a good net banking service.
Macquarie have been extremely easy to do business with, their customer service is excellent and the online and App experience is very easy to navigate.
They seem to be understanding and helpful when life gets in the way and you need a bit of assistance. Helped me through a tough patch, on track now.
I requested the bank look at reviewing the rate they have me on of just over 5%. They have refused to do so on the basis of extremely weak arguments and it is an old product. There is an LVR of 25% involved. Service is absolute rubbish and they should remove care from customer care department and replace with couldn't care.
Macquarie have been more than helpful from the beginning. They have also reviewed and reduced our interest rates to remain competitive with current market rates.
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WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.
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