Macquarie Bank Update
Please see updated processing times as of Monday 29 March 2021 for fully packaged deals as per Macquarie's application checklist.
We've also included two updates for your reference - see below for further information.
Principal increase commission changes
In response to regulatory requirements related to conflicted remuneration, Macquarie is changing how they calculate commission on principal increases made during the first 12 months from and including the date of settlement.
This change came into effect for new principal increase settlements from 1 March 2021.
They are also moving to a flat-fee commission structure, and the new commission will be a one-off payment of $350 per principal increase.
The commission for principal increases occurring after 12 months from the settlement will be an upfront payment of 0.65% of the principal increase.
Your client will need to have held their home loan for at least six months before they can apply for a principal increase, and the minimum principal increase amount is $25,000.
Verifying client identification
As part of the regulatory obligations under Anti-Money Laundering/Counter-Terrorism Financing (AML/CTF) legislation, identification details for new and existing clients will have to be clarified.
From time to time, existing clients may be contacted directly to provide certain documentation or information.
If you're contacted by a client regarding this and have any questions or concerns, please reach out to your business development manager.