Macquarie home loans

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.