While Macquarie Bank has scaled down its mortgage operations and is no longer seeking new business, some of its existing customers are being hit with big rate rises. Borrowers who have the bank's Macquarie Saver Express low doc product are paying an extra 0.4 per cent from Monday and have seen their interest rate rise by a total of 1.6 percentage points so far this year to now be at 10.28 per cent. No-doc loan customers are even worse off with some paying more than 11 per cent. A spokesman for the bank said that it faced continued pressures from the cost of funding.
