Macquarie Bank could be edging closer to a return to mortgage lending and there is growing speculation that the bank may already have a new product in the pipeline.
Head of Macquarie Mortgages, Tim Brown, refused to comment on speculation that the bank had plans in place to resume lending, but he did confirm that Macquarie had an eye firmly on the market.
“We are keen to re-enter the market at some stage and are always looking at the funding costs. That said, we are not prepared to put a timeframe on anything,” Mr Brown told Mortgage Business.
In March 2008, Macquarie pulled back from mortgage lending when securitisation ground to a halt and spiraling funding costs crippled profitability from this channel.
Niche Professional Services business development manager Chris Straw told Mortgage Business an injection of much needed lender competition could be positive for brokers.
“Provided that Macquarie offers a good, competitive product that is slightly different to what is already on the market, I think it could be very good news for the industry,” he said.
“I think you will see the bank re-enter the market with a focus on superior service and fast turnaround times as well as a product that is different to what is currently available.”
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