Macquarie upgrades mortgage package
Macquarie Bank has performed strongly in the mortgage market over the past year and is keen to maintain the momentum. Accordingly, yesterday it released some enhancements to its discounted package offer.Macquarie now gives borrowers the option of taking a Macquarie Visa Gold or Visa Platinum credit card with their loan. The package discount (on loans that settle by June 30) is 101 basis points off the standard variable rate, if the loan-to-valuation ratio is below 80 per cent, and 96 bps if the LVR is above 80 per cent.To complement the Macquarie Rewards option on the credit cards, Macquarie has added two reward alternatives: Macquarie Mortgage Minimiser; and Qantas Frequent Flyer Rewards.Mortgage Minimiser allows borrowers to accumulate points that go towards cash rebates, which are deposited into the mortgage account.Qantas Frequent Flyer Rewards is available only with the Macquarie Visa Platinum card.The package offer is available through all Macquarie's distribution channels. According to Australian Prudential Regulation Authority figures, Macquarie's mortgage book, which was in run-off for several years after the onset of the financial crisis, increased by 7.6 per cent last year - about double system growth.