Macquarie Bank is continually investing in their processes and technology to make working with them faster, easier and more secure. Their goal is to help you save time and deliver exceptional experiences, resulting in great outcomes for you and your customers.
Below is how they are streamlining processes.
1. Changes to their credit guidelines
Macquarie Bank has recently updated their notional rent policy and loan purpose codes to reduce administrative tasks and enable a smoother application process.
What changed?
- Simplified rental expense assessment: for investor home loan applicants living rent-free with family or friends or paying unusually low rent, Macquarie Bank will now apply a minimum rental expense of $650 per month, per household. This aligns more closely to actual expenses if borrowers are living together. There’s no need for a confirmation letter, simply declare $650 for rental expenses. This means there’s less paperwork which speeds up the application process.
- Policy clarification for unlisted shares: purchasing unlisted shares will be considered a ‘business purpose’ under their loan purpose codes, with a maximum allocation of less than 50% of the total loan amount.
For faster approvals:
accurately capture your customer’s residential status as part of the application (e.g. ‘living with parents’)
order a valuation and provide all the necessary supporting documents.
Applications in progress
Any applications submitted on or prior to Tuesday 25 February 2025 will be assessed using their previous policy guidelines. Applications submitted from Wednesday 26 February 2025 must comply with the updated policy noted above.
Updated credit guidelines are now available on their website
2. Saving you time on the phone
Macquarie Bank knows you and your team are busy, so to save you time, they will only call you when it’s time-critical or important, such as discussing an outstanding application. They will continue using back-channel messages to keep you updated on formal approvals and you can check the status of an application at any time via their Broker Portal.
3. Protecting customer information
To keep customers’ information safe and secure, make sure you regularly review Broker Portal access for your support staff. If you need to remove access for anyone who no longer works with you, simply visit the Broker Portal and follow the instructions in this Help Centre article. To help you keep track, Macquarie Bank will prompt you to review your support staff list in the Broker Portal every six months.
Give new team members access to the Broker Portal
While you’re reviewing your support staff, it’s a good opportunity to add any new team members so they can track the status of in-flight applications, view the loan information for your existing customers, and more.
If you have any questions, refer to your PSM.