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Macquarie withdraws loan products

by Reporter4 minute read
Macquarie building

The non-major bank is pulling out of the self-managed super fund residential loan market and has stopped providing family guarantee loans as it “streamlines” its core loan offering.

Macquarie Bank ceased offering family guarantee loans on Monday (18 March), and has revealed that it plans to pull its self-managed super fund (SMSF) residential home loans at the end of next month.

The non-major bank had said in November it would continue SMSF residential home loans amid withdrawals from the SMSF space by several lenders — including Commonwealth Bank, Westpac and AMP — as it was “confident in [its] expertise in this area”, but decided that it would only distribute such loans through brokers holding an existing SMSF accreditation.

However, it has now confirmed that it will stop providing residential SMSF home loans altogether from 30 April.

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In a disclosure to brokers, the non-major bank said the decision to withdraw SMSF and family guarantee loans is part of its effort to “streamline” its core home loan offering.

Macquarie noted that any applications in progress for these loan products will need to settle by 30 June, and that it would continue servicing existing borrowers who hold these products.

The bank recently also revealed that it would no longer be providing white label loans to several lenders, attributing its decision to technological and operational complexity.

Macquarie has also made reductions of between 5 and 20 basis points to a range of its owner-occupied and investment home loans, bucking the trend of out-of-cycle rate hikes by other lenders.

[Related: More lenders announce rate changes]

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