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Macquarie rumoured to re-enter lending

by Staff Reporter8 minute read
The Adviser

Rumours are heating up that Macquarie Group is looking to re-enter mortgage lending.

While talk of the bank’s plans to launch an aggregation business has dominated the industry for some time, Mortgage Business has received several reports that it may be preparing to re-launch its mortgages to the third-party channel.

The bank remained tight-lipped about its plans when contacted by Mortgage Business, issuing only the following statement: “Macquarie is consistently monitoring the mortgage space but there are no concrete plans of any sort to announce”.

Once a major funder of the non-bank sector, Macquarie was one of the first lenders to withdraw from the mortgage market in 2008 as a result of the credit crisis.

Reports that Macquarie is considering a re-entry into lending coincides with news that the bank has released a new mortgage insurance product to be sold through intermediaries, a move it says reinforces its “commitment to brokers”.

The new product, called MortgageGuard, is a collaborative effort between Macquarie Life and Macquarie’s mortgages team. The product offers borrowers a lump sum of up to $750,000, or the coverage of repayments of up to $5,000 per month, in the event of death, terminal illness or permanent disability, Tim Brown, division director at Macquarie Bank said.

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