Macquarie EOFY Update
Please see the following update from Macquarie, highlighted below:
1. Commercial Vehicle upgrade - extension
- We've extended our special offer for your existing Macquarie commercial clients who might like to upgrade their commercial vehicle/s or equipment.
- This campaign has been extended in-line with the government's instant asset write-off threshold for eligible assets to up to $150,000 for eligible business.
Reminder - clients can upgrade their commercial vehicle or equipment loan, discounting their current payout when they take out a new Macquarie commercial loan.
- To take advantage of this offer, your clients will need to be an ABN holder
- Satisfactory credit history with no accounts in arrears, and not currently on a payment pause.
- Use our replacement/streamline policy to obtain faster turnarounds for your clients.
2. Credit - EOFY Cut-off's
- Cut off, COB Thursday 25th June.
- Current deal pick up time = 8 hrs
- To ensure that the deal gets approved, make sure you are providing quality clean submission and remember the extra requirements for Bank Statements for new lending. Better quality input into our systems creates a better experience.
- ACD turned back on for Consumer, top tips, make sure LVR is within our appetite, asset vehicle is entered into MacLease and all fields are completed correctly.
3. Settlement - Cut-off's
- Extended hours 8:30 to 6:30 pm Monday to Friday
- Also working Saturdays
- 1 pm cut off leading up to EOFY for same-day settlements,
- Emphasis quality/clean deals mean faster turnarounds
- Please see attached checklists that have been sent to all individual brokers with top tips on assisting both commercials and consumer deals.
Additional Key Points for Consideration
Private sale - invoice requirements
- Only applicable for private sales, not required for sale and buybacks or other sale types.
- Invoice must contain the same information as the dealer invoice (tax is dependent on GST status).
- If a lender payout is involved, a payout letter is required.
- Bank deposit slip or bank statement (not older than 3 months) is required to confirm vendor banking details. Bank logo, account name, BSB/acct number must be clearly visible.
- Other requirements are covered in the settlement checklists.
Top tips for a fast settlement
- Asset tax invoice - do the details on the tax invoice match what's been entered in MacLease and is the VIN included?
- Contract docs - ensure all pages have been signed correctly by the relevant parties and adhere to NCCP for consumer loans. Please ensure ELN/EAN numbers are visible on all scanned documents - part documents and separate pages will not be accepted.
- Supporting docs - do you require any supporting docs and are these dated correctly? Please prioritise credit-related documents as these need to be reviewed by the credit team.
- Drivers Licence - ensure the applicant's current address is displayed and this address matches what is recorded in MacLease.
- Brokerage invoice - submit your invoice (this must equal the commission value in MacLease + GST).
- For private sale - please submit a vendor invoice (noting GST if the vendor is registered for GST).
- Auto approvals - if an application is auto-approved and income verification is required, send the relevant payslips to firstname.lastname@example.org
- Settlement cut-off time is 12:00pm (midday) AEST for same day settlement.
Top tips for providing quality submissions
Macquarie would also like to offer some tips to help you through this busy period - quality submissions mean faster turnaround times for you and your clients.
- Streamline applications - Please refer to Vehicle Lending Handbook (pages 12-16) for all streamline policies and the requirements for each policy. If it's a replacement or refinances of another lender or new to the , don't forget to provide bank statements from 1 January 2020 onwards showing credits or deposits evidencing consistent trading income.
- Commercial full assessment - Where the application is not streamlined, see Vehicle Lending Handbook (page 17) for a checklist on all documents required for us to complete a full assessment transaction. Don't forget to provide bank statements from 1 January 2020 onwards showing credits or deposits evidencing consistent trading income.
- Policy update - For a refresher on some of the changes that have been made since March this year, including products, asset types and credit appetite, take a look at pages 9-11 of the Vehicle Lending Handbook.
- Bank statement requirements
- The date range should cover from 1 January 2020 to within 14 days of the time of settlement.
- The statements must show the account holder's name - this must match the borrower's name.
- Individual transactions must be itemised and have a running account balance.
- The statements provided can't be filtered in any way.
- Statements provided from aggregations services (for example Bankstatements.com) are acceptable.