Bank shifts focus to home loans and deposits
As part of its strategy to focus on expanding its home loans and deposits services, Macquarie Banking and Financial Services Group has announced that it will stop offering new car loans through its direct, broker, and novated leasing channels.
“This decision will enable us to further prioritise the growth of our home loan and deposit offerings,” Ben Perham (pictured), Macquarie’s head of personal banking, stated in an update on Monday. “Our leading digital experiences for those products are built on best-in-class technology platforms and we see significant opportunity to continue investing in them to attract more customers to Macquarie.”
Read more: Macquarie reports strong growth in home loan market share
The bank said the change will not affect existing car loan and novated leasing customers, who will continue to receive support until their agreements conclude.
For the direct channel, applications submitted by April 22 must be settled by 5pm on May 17, if approved. For the broker and novated leasing channels, applications submitted by 5pm on April 24 should be settled by 5pm on May 17.
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