Updates to Macquarie's Product Offerings
Changes to contract fees
To simplify our product offering, from 4 November 2019, we stopped charging fees on the following contract requests:
- change the due date of repayments
- once-off deferrals of a scheduled repayments
- assigning a contract to another party
- removal of a guarantor.
This applies to all new requests for both existing and new commercial and consumer contracts.
Please note, there will be no impact to fees previously charged on a customer's account.
Macquarie have also included a reminder of the liabilities that need to be disclosed on a loan application, their anti-money laundering requirements and your responsibilities around the collection and retention of privacy consent documents.
Disclosure of liabilities
Having all the correct client information helps us to make efficient and accurate credit decisions for you and your clients.
During the asset finance loan application process, if you become aware that the applicant is taking out any other finance related to the purchase of the asset, those relevant liabilities must be disclosed on the finance application to Macquarie along with all other liabilities.
For example, if the applicant uses "buy now pay later" or other finance to fund the purchase of any vehicle accessories, insurances or warranties that are relevant to the asset being financed, then these liabilities must be disclosed on the application.
If this happens after the application is submitted or approved, but before settlement of the application, then you'll need to update the application to include the relevant liabilities and resubmit it.
Anti-money laundering (AML) requirements
As part of our AML obligations for company borrowers, we need to collect and verify beneficial owner details. A beneficial owner is an individual who ultimately owns or controls an entity such as a company.
The term Owns means owning 25% or more of the entity. This can be directly, such as through shareholdings, or indirectly, such as through another company's ownership.
The term Controls means having the power to make decisions about the entity's finances and operations. This can be through trusts, agreements, arrangements, understandings, policies or practices. Please note, a customer may have more than one beneficial owner.
During the application process, we require the full name and residential address of each beneficial owner to be collected when applying for finance for a company, partnership, trust or offshore government body.
If we identify that any beneficial ownership details are missing on the application, we'll need to call you to confirm the correct details which may delay the application process.
To assist you, we've included a downloadable guideline to walk you through entering beneficial owner details into our system.
Privacy consent collection and retention
Did you know you are required to collect a privacy consent for every customer who submits an application?
You should keep a copy of all privacy consents in case they're needed in the future.