One of Australia’s non-major lenders has strengthened its mortgage package in a bid to cater to more borrowers.
Yesterday, Macquarie Bank revealed it had added more credit card reward options to its offering.
To complement the existing Macquarie Rewards option, there are two additional offerings: Qantas Frequent Flyer Rewards (for Macquarie Visa Platinum Cardholders only) and Macquarie’s Mortgage Minimiser option.
These facilities will allow borrowers to earn either Qantas Frequent Flyer points on purchases made using their Macquarie Visa Platinum Card or cash rebates deposited automatically into their mortgage account.
The annual card fees that usually apply to the Macquarie Visa Gold and Platinum credit cards are waived when the credit card is applied for as part of the mortgage package, although an annual $50 opt-in fee still applies to the Qantas Frequent Flyer Rewards option.
Macquarie’s head of mortgages product James Casey said the development of the expanded credit card rewards options is a direct result of research undertaken with mortgage brokers and broker-introduced customers.
“The research reinforced to us the range of broker needs and the needs of their clients,” he said.
“Consumers and brokers want both the Qantas Frequent Flyer Rewards option available on the Macquarie Visa Platinum Card and Macquarie’s Mortgage Minimiser option as part of an enhanced mortgage package.”
The approval process for the mortgage and credit card has also been streamlined with an integrated single point approval for both products as a package.
“With an enhanced credit card rewards offering and single point approval process, the Macquarie mortgage package provides brokers with the streamlined efficiencies they are looking for and helps deliver a market leading experience to their clients.”