Credit Policy Changes
Macquarie has made some changes to its credit policy, which has been in effect since March 4 2021.
For PAYG applicants in all industries, Macquarie's standard policy applies, and the following income verification is required:
- two computer-generated payslips with the latest no more than 60 days old and the oldest payslip being no more than four months old at the date of submission.
This change means that they have removed a previous requirement to provide a bank statement showing a salary credit for applications with LVR >70% or for applicants in COVID-impacted industries.
For all self-employed applicants, its standard policy of two years financials applies.
Macquarie also no longer require one month bank statements, but in the following situations, BAS is required to be provided (from the date of the latest full financials):
- if 2020 financials are not available
- if 2020 available income is showing a downward trend from 2019
- if there is evidence of poor repayment history on the applicant's comprehensive credit report (CCR)
- if your client is seeking to rely on the income from 2020.
Please also note, as of March 1 2021, they require the December quarter BAS.
Refer to the supporting documents checklist for an updated list of required documents.
Applications in Progress
This updated policy applies to all applications irrespective of lodgement date.
Please reach out to your respective BDM.