Quick Summary
Founded
1969
Owned by:
ASX Listed
Funded by:
Retail deposits and wholesale capital markets
LMI Provider:
Genworth
Lender type:
Banks
Macquarie was dubbed by the media as the Millionaires Factory for its sky-high bonuses paid to staff and even higher profits. Macquarie was the bank that funded Aussie Home Loans in the late 90s, bringing competition to the major banks and forcing them to lower their interest rates.
Macquarie Mortgages has a somewhat checkered reputation as during the GFC they pulled out of the market completely leaving many customers on higher interest rates, particularly those with low doc loans.
These days Macquarie focuses on home buyers and investors and steers clear of low doc lending. They are still a wholesale funder or part-owner of many non-bank lenders and mortgage brokers.
Macquarie Bank Client Story
Anthony, NSW
Goal
Situation
Background
After 30 years of marriage, Cassandra and her husband made the difficult decision to separate.
They decided that Cassandra would keep the family home so she needed to refinance the mortgage in order to buy out her husband.
Because she was almost 60 years old and close to retirement age, most lenders would only approve her for a 15 year loan term.
Unfortunately, based on her income and asset position, she wouldn’t have been able to service, or meet the mortgage repayments, for the loan term so her refinance would be declined.
Solution
Macquarie Bank accepted Cassandra’s exit strategy of reducing her loan amount by the 18-year mark and then using her superannuation to pay out the remainder of the home loan.
She also explained that her profession as a teacher would allow her to work several years past retirement age so this also helped her meet serviceability.
Cassandra was able to qualify for a 30-year loan term, pay out her husband and avoid downsizing her property.