By: Jessica Darnbrough
Macquarie Bank has stepped up its presence in the mortgage market, announcing that it will trial a new mortgage and financial solutions package with selected aggregation groups.
Speaking to The Adviser yesterday, a Macquarie spokesperson said the bank had released the Optimum Package through aggregation groups AFG and Vow Financial.
“The Optimum Package will enable customers to use their mortgage as a financial hub, rather than just a home loan,” the spokesperson said.
“This can provide customers with opportunities for wealth creation and debt management. With the right advice and a suitable strategy, it can also be a source of funds to build wealth.”
According to the spokesperson, the products will be initially distributed via AFG and Vow Financial, however the bank is “currently reviewing the other distribution channels”.
The Adviser first reported on Macquarie’s re-entry into mortgage lending back in June 2009.
An announcement was then made in January that the bank had partnered with AFG to trial a new mortgage product through the broker channel.
Vow Financial’s head of sales and distribution Michael Osborne said the aggregator was pleased to be selected by Macquarie as one of its distribution partners.
“Macquarie has entered into a distribution agreement with a handful of aggregators and we are pleased to be among this select few. The products are already available to our brokers, and we are just in the process of alerting them to this fact,” Mr Osborne told The Adviser.
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