Settlements

Standard documentation requirements

Collecting acceptable documents

It’s important that only acceptable documents are provided to us when submitting a settlement-ready contract.

This information will help you prepare the documentation correctly.

The following outlines the standard conditions that must be satisfied at settlement:

  • copy of tax invoice from a satisfactory supplier
  • contracts and documentation to be executed in full – available for download from the Documents tab in MacLease.

There may be other conditions manually added by the Credit Team. We recommend that all non-standard approval conditions be signed off prior to settlement to avoid unnecessary delays.

Tax File Numbers

Please ensure that all Tax File Numbers (TFNs) are redacted on any documents received from the customer. Doing so will ensure minimal delays during the settlement process.
 

Contract consistency and execution checks

To ensure the customer has reviewed and signed the documents in their entirety, a full copy of the signed contract document, not just the signed pages, must be provided. 

All contract documents are reviewed to ensure a contract is ready for settlement. As part of the settlement review process, the following verifications are undertaken to ensure documents are:

  • signed correctly by all relevant parties with wet ink – we don’t accept electronic signatures
  • where the borrower is a company, the contract must be signed by either:
    1. two directors
    2. a director and the company secretary
    3. the sole director and company secretary.
  • documents can’t be older than 90 days at time of settlement
  • free from any handwritten amendments to the documents
  • complete and all pages have been provided in a consistent format (a combination of photos and scanned contract documents won’t be accepted for settlement)
  • clearly legible when viewed at full size with the Application ID and a consistent version number visible across all pages.

Invoice Requirements

Please ensure the below requirements are met and the details match MacLease and the contract documents exactly:
 

Supplier Tax Invoice

  • must state Tax Invoice (a tax invoice that indicates it’s not the ‘final’ invoice, such as a contract of sale or a proforma invoice, isn’t acceptable for settlement)
  • invoice date – can’t be older than 90 days at time of settlement (if invoice date is greater than 15 days, please confirm if the applicant has possession of the asset and when this occurred)
  • supplier name and physical address
  • supplier ABN
  • invoice to: applicant name and address (Consumer Loan and Chattel Mortgage) or Macquarie Leasing (Novated Lease)
  • delivery to: applicant name and address
  • full vehicle description including make, model and year of manufacture
  • condition of the asset – new/used/demo (odometer reading if used/demo)
  • VIN and engine number
  • for new assets, on roads must be itemised
  • balance payable $ including asset cost and GST and deposit/trade-in/payout itemised
  • banking details – account name, BSB and account number.

Please note we don’t finance add on insurance and warranty products. These must not be included in the supplier invoice unless itemised as a complimentary product. 

Brokerage and Origination Fee Invoice

  • invoice date
  • ABN
  • company name
  • invoice to: Applicant Name (Consumer) or Macquarie Leasing (Commercial)
  • brokerage amount $ (including GST)
  • reference to the applicant or ELN
  • banking details – account name, BSB and account number.

Please note an invoice isn’t required for Indicative Commission as this will be paid in bulk at month end.

Vendor Invoice (Private Sale only)

  • invoice date – can’t be older than 90 days at time of settlement
    NB: If invoice date is greater than 15 days, please confirm if the applicant has possession of the asset and when this occurred
  • vendor name and physical address
  • vendor ABN (if applicable – see Vendor Tax Invoice if GST registered)
  • invoice to: applicant name and address (Consumer Loan and Chattel Mortgage) or Macquarie Leasing (Novated Lease)
  • delivery to: applicant name and address
  • full vehicle description including make, model and year of manufacture
  • condition of the asset – must state used or odometer reading 
  • VIN and engine number
  • asset cost (no GST)
  • disbursement instructions – directions to pay funds to the vendor’s bank account or financier if encumbered. Funds may be split between both if asset cost exceeds the payout amount – where this is the case, ensure the disbursement amounts are itemised correctly.
  • banking details – account name, BSB and account number.

Vendor Tax Invoice (Private Sale only)

As stated in Vendor Invoice (Private Sale only), plus:

  • must state Tax Invoice
  • ABN (registered for GST)
  • GST must be itemised.

Other Supporting Documents

A range of supporting documents may be required to confirm details in the application and facilitate settlement. Below is a list of requirements for the most common supporting documents: 
 

Vendor Bank Statement

Unless 100% of funds are being disbursed to a financier in a Private Sale or Sale & Buyback, a bank statement is required to verify the banking details of the vendor. This must include:

  • account name, BSB and account number – this must correspond to the vendor details and direction to pay on the invoice
  • a bank logo
  • statement period that is within three months.

Payout Letter

A payout letter is required where the asset is currently encumbered to another financier. This facilitates the payment of the asset in full so the competing security interest can be lifted. The document must include:

  • the name of the vendor (private sale scenario) or applicant (refinance – other scenario)
  • description of the asset – this must match our asset description including at minimum one identifier
  • current, active payout amount – the expiry date cannot be in the past. An updated payout letter will be required.
  • a clause stating that any encumbrance will be removed upon receipt of funds
  • bank details – account name, BSB and account number.

Certificate of Currency 

 A Certificate of Currency is required where the net amount financed exceeds $100,000.00. The document must include:

  • insurance underwriter & policy number
  • the period of cover for the policy – this must be current at the time of settlement
  • the insured party – this must match our applicant
  • description of the insured goods – this must match our asset description including at minimum one identifier
  • the interested party in the name of Macquarie Leasing Pty Ltd, Macquarie Bank Ltd. Where there is a Principal and Agency (P&A) arrangement in place, the agent may be noted instead.  

Customer Identification

Customer Identification and AML

We identify our customers according to the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth) (AML/CTF Act). If a customer is unable to be electronically verified, this will trigger an additional settlement condition and you’ll receive the following message:

"We require a certified copy of photo ID to verify name, DOB and address."

Please note we don’t accept copies of digital IDs – all scanned copies must be of a physical driver licence.

All documents must have been certified within the last 12 months, at the time of acceptance by us.

We recommend you address this requirement prior to settlement to avoid delays.
 

Who can certify photo ID

Occasionally a customer is required to provide a certified copy of certain identification / verification documents. A certified copy is a document that's been certified as a true copy of an original document. To obtain a certified copy of a document, the original document and a photocopy needs to be taken to an authorised person as listed in the link below.

That person will need to write the following, or equivalent, on the copy of the document:

I, [full name], [category of persons as listed below], certify that this [name of document] is a true and correct copy of the original [signature and date]

All documents must have been certified within the last 12 months, at the time of acceptance by us.

List of people able to certify a document.
 

How can customers provide a statement from a referee?

If a customer identifies as Aboriginal or Torres Strait Islander and they’re unable to confirm their identity through our standard identification procedures, the customer can also provide a statement from a referee as an alternative.

The statement by a referee must contain:

  • the referee’s knowledge of the customer’s full name(s)
  • the referee’s knowledge of the customer’s birth date
  • the referee’s knowledge of the customer’s residential address
  • the capacity of the referee's relationship to the customer and/or how long they've known the customer (must be greater than 2 years)
  • office stamp/certification type stamp identifying the referee’s name, capacity in which to sign and date of certification.

Persons who may qualify as a referee include:

  • a chairperson, secretary or chief executive officer of an Aboriginal/Torres Strait Islander organisation, or a board
  • a school principal or school counsellor
  • a minister of religion
  • a health professional or manager in Aboriginal/Torres Strait Island medical services
  • a police officer
  • a community leader or recognised Elder (who is not a parent, sibling or child of the customer)
  • the customer’s current employer or manager.

Where do I email my settlement documents?

Scanned copies of settlement documents are required be sent via email. This includes all contract and ancillary documents, invoices, payslips and payout letters.

All settlement documents must be emailed to: leasingsettlements@macquarie.com.

The following details must be included in the subject line of the email:

  • customer's name
  • application ID number. 

Please ensure the application is in Approved status when this is emailed. Applications that are still in progress or amended will not trigger a notification for our team to commence reviewing your documents and will create delays. 

Settlements Checklist

A tailored checklist is available for download in the Origination portal. Please generate a copy each time you are preparing a settlement so it can guide you on the specific requirements to ensure a smooth experience. 

Additional information

This information is provided by Macquarie Leasing Pty Limited ABN 38 002 674 982 Australian Credit Licence 394925 (Macquarie Leasing) for use by accredited introducers only. In no circumstances is it to be used by a potential client for the purposes of making a decision about a credit product or class of products.

Macquarie Leasing recommends that you and/or your clients review the relevant documentation and form your own opinion or seek independent advice as to the financial, accounting and tax consequences of entering into any of Macquarie Leasing products.