Macquarie Bank Shifts Strategy: Exits Car Loans to Prioritise Mortgages

Effective immediately, Macquarie will no longer provide automotive loans under its own brand. Brokers have been given a 48-hour window to submit any final car loan applications, with the product being phased out for brokers by mid-May.

This decision underscores Macquarie's commitment to strengthening its position in the mortgage market, aiming to capture a larger share by reallocating resources from its automotive lending operations. For consumers, this means one less major player in the car loan market, potentially leading to reduced competition and fewer financing options.

Borrowers currently holding car loans with Macquarie are advised to review their loan terms and consider refinancing options if necessary. It's essential to stay informed about such industry changes to make well-informed financial decisions.