Macquarie is exiting car lending in favour of growing its mortgage business.
The Australian financial conglomerate said that its banking and financial services group has taken the decision to cease new car lending through its direct, broker and novated leasing channels, and instead will focus on its core home loans and deposits offerings.
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“This decision will enable us to further prioritise the growth of our home loan and deposit offerings,” said Macquarie’s head of personal banking, Ben Perham.
“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.”
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Macquarie said that the decision to wind down its car lending business will have no impact on existing customers, and it will continue to service all existing car loan and novated leasing customers through the duration of their loans.
Car loan applications through all channels are required to be settled by 17 May, Macquarie said.
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