Regulatory Update from Macquarie
As you may be aware, the breach reporting obligations come into effect on 1 October 2021. This will require Macquarie to report another licensee to ASIC where they will have reasonable grounds to believe that the licensee has:
- breached a core obligation and the breach is significant,
- committed serious fraud, or
- while engaging in a credit activity or providing a financial service, engaged in conduct that constitutes gross negligence; and
- the individual that has engaged in conduct that forms part of the reportable situation is a mortgage broker or personal advice provider; and
- the reportable situation has not already been reported to ASIC (for example, by the other licensee).
Please be advised that the only change in policy will be the obligation to report breaches to ASIC where necessary.
Latest Home Loan Processing Times
As of last Monday 6 September, Macquarie's average time to assess for fully packaged deals has been updated to 3 business hours as per their application checklist.
Changes to upfront valuation hub
Please note that Macquarie is moving all valuation ordering to a new and improved PropertyHub, which gives you quick and centralised access to valuation ordering and tracking.
You'll have visibility of all work in progress and any actions required from you, all on one easy-to-use digital platform.
It is advised that you order the upfront valuation prior to submitting the application to help get a faster credit decision.
Ordering through PropertyHub will also remove the need for use of promo codes, which will make your experience more streamlined.
This change has come into effect as of Monday 6 September 2021.
If you already use PropertyHub log in using your existing PropertyHub details, select Macquarie as the lender, and order your valuation.
If you haven't used PropertyHub before, you'll be prompted to register when you visit their website.
Valuation requests submitted and not yet completed by Monday 6 September 2021 will continue as normal and you'll receive status updates and completed valuation reports via email.
Previously completed valuation history will not transfer across to the new PropertyHub, and access to the old version of PropertyHub will be disabled on Saturday 18 September 2021.
From Monday 6 September 2021 you'll be able to order valuations where the estimated property value is up to and including $5 million directly via the new PropertyHub. Some property types and location restrictions may apply.
Conversion rates of valuations ordered to applications submitted will be monitored to ensure this service is being utilised appropriately, and we reserve the right to vary or suspend access.
For any questions or concerns, please reach out to your BDM.