Macquarie resumes lending
(8 January 2010 – Australia) Macquarie Bank is partnering with one of Australia’s mortgage lending groups to trial a new product in an effort to resume participation in the mortgage lending market.
A spokesperson for the bank told Mortgage Business that a small scale trial with Australian Finance Group (AFG), who the bank is currently a cornerstone investor of, would be used to determine broker appetite and hopefully result in a broader distribution of the lender’s products.
The spokesperson also said that Macquarie has been monitoring the market for some time and looking at a variety of opportunities.
The group’s focus has been very much on building a diversified funding strategy and building a sustainable business for the long term, added the spokesperson.
The spokesperson also said that Macquarie is currently trialling a new product offered through a limited number of distributors (including AFG) and existing clients. The trial is in its early stages and as such Macquarie does not have any update on when an offering may be available to the market more widely.
AFG general manager sales and operations, Mark Hewitt, said he hoped the trial would prove successful and encourage Macquarie to fully return to the mortgage lending market.
The trial will establish the appetite for Macquarie products. As the trial was launched just before Christmas, it is too early to understand the impact it has had on the brokers, Mr Hewitt added.
However, it is a good sign for both Macquarie and the industry as a whole, Mr Hewitt told Mortgage Business.
The spokesperson also said that Macquarie has been monitoring the market for some time and looking at a variety of opportunities.
The group’s focus has been very much on building a diversified funding strategy and building a sustainable business for the long term, added the spokesperson.
The spokesperson also said that Macquarie is currently trialling a new product offered through a limited number of distributors (including AFG) and existing clients. The trial is in its early stages and as such Macquarie does not have any update on when an offering may be available to the market more widely.
AFG general manager sales and operations, Mark Hewitt, said he hoped the trial would prove successful and encourage Macquarie to fully return to the mortgage lending market.
The trial will establish the appetite for Macquarie products. As the trial was launched just before Christmas, it is too early to understand the impact it has had on the brokers, Mr Hewitt added.
However, it is a good sign for both Macquarie and the industry as a whole, Mr Hewitt told Mortgage Business.
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