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The announcement comes over a year after the lender confirmed it would no longer be offering new car loans.
Macquarie Banking and Financial Services group (Macquarie) has announced it will sell a $1.5 billion portfolio of car loans to independent financier Allied Credit by the fourth quarter of 2025.
The transaction will see more than 50,000 car loans transferred.
Following this, Macquarie has indicated that it would continue to service a $340 billion portfolio of car loans in Australia, with the majority of the remaining portfolio expected to mature by the end of 2026.
Macquarie ceased all new car lending through direct, broker, or novated leasing channels last year, as part of a move to focus on its core business of home loans and deposit products.
Ben Perham, Macquarie’s head of personal banking, said the decision would help the lender deliver on its strategy.
“In just a few years, we have cemented our position as a leading digital bank and grown to become Australia’s fifth largest lender and household deposit holder,” he said.
“We decided last year to cease new car lending so we could double down on providing the best possible digital banking experiences to our customers.
“This agreement with Allied Credit, an established lender in Australia’s motor vehicle finance market, will help us to deliver on this strategy while ensuring our car loan customers enjoy continued access to the finance solutions they need.”
Meanwhile, Jon Moodie, Allied Credit’s CEO, said the financier was committed to delivering a seamless experience.
“Allied Credit is fast becoming the preferred provider in car lending and this agreement reinforces our growing reputation in the Australian market,” he said.
“We previously partnered with Macquarie on the transition of their dealer finance book to Allied Credit in 2021 and we’re proud to be building on that success. We’re committed to ensuring a seamless and valued experience for our new customers and salary packaging partners.”
Broker satisfaction
Macquarie Bank became the most commonly used lender in the third-party channel in the most recent Third-Party Lending survey of brokers, conducted by Broker Pulse, a division of Agile Market Intelligence.
Two-thirds (66 per cent) of brokers used Macquarie Bank in the 12 months leading up to April, outpacing ANZ (64 per cent), CBA and Westpac (both 58 per cent), and NAB (56 per cent).
The lender’s rise was attributed to its superior service quality, turnaround time, and overall broker satisfaction.
[Related: Macquarie Bank shuts down new car lending]
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