Your questions answered

Please note these FAQs are for licensed commercial brokers who are currently accredited with Macquarie.

If you’re a Macquarie customer, visit our coronavirus support hub.

Payment pause

For business banking products, we’d encourage you to tell your clients who may need assistance to contact their relationship manager or call 1800 620 673.   

For personal banking products, please direct your clients to our payment pause form on the coronavirus support hub.

Yes, however the client will first be contacted directly and asked to provide written authorisation to involve their broker in COVID-19/ Financial Assistance matters.

No. There will be no impact to trail commission on loans where a client requests a payment pause.

During your client’s payment pause, we’ll continue to report to the credit bureau. Where a client was either up to date on payments or one payment in arrears, we will continue to report the client as up to date throughout the payment pause period. Where a client was two or more payments in arrears, we will report a blank repayment status throughout the payment pause period. This means their credit score and repayment history data will not be negatively impacted during this period.

Please note this is the approach being adopted by Macquarie but it’s important your client checks with any other lenders they may have products with to confirm their approach.

No. Your client is not required to provide any documents for the payment pause.

We are offering a payment pause for up to 6 months at this time, however, we recommend clients speak with their relationship manager if they require alternate arrangements.

Before the payment pause expires, we’ll be in touch with your client with more information around next steps and any impact to their loan. We will check-in with clients after 3 months of paused repayments. 

If a client defers both principal and interest repayments, interest will continue to be accrued and capitalised during the payment pause period, however no payment is needed during this period. If a client has only deferred their principal, then interest will still be payable each month. Please note other fees and charges, for example, line fees are still applicable during the payment pause period.

You will only be notified if your client has provided written authorisation for you to be involved in COVID-19/ Financial Assistance matters. We will not communicate with you unless consent from the client has been provided.

We’ll contact your client directly via email to confirm we’ve received their request and when it’s been processed. We’ll also contact them to let them know when their repayments are due to recommence – this will be closer to the end date of the payment pause. 

For business clients, lending applications will be considered on a case by case basis. For personal banking products, additional lending will not be approved for clients on a payment pause.

We can provides clients with commercial properties a range of options including a payment pause. By accepting the payment pause the commercial property landlord borrower needs to attest that they will not terminate leases or evict tenants based on non-payment of rent during the payment pause period.

Yes. This is available, however we will require a confirmation email from IFA/accountant stating the SMSF has considered the implications of the payment pause and wishes to proceed. Where the trustee is the chartered accountant or CPA, a self declaration is acceptable.

ID verification, interviews, and valuations

We recommend our relationship managers conduct VOI with the client via video technology. 

Please note we will currently accept alternate valuations (e.g. desktops) which don’t require an in-person physical inspection, however we note we'll retain discretion to require a method of valuation for loans we deem higher risk or of higher dollar value. In addition:

(1) New residential valuation protocol to support COVID-19 environment have been released:

The Australian Property Institute (API) have agreed new valuation protocols as a result of COVID-19, which provide valuers alternate means (such as reliance on prior valuations, virtual or video feeds, photos sourced from reputable source i.e. real estate agent) to utilise at their discretion, to assist with verification and completion of the physical or internal inspection in a way that respects the health and safety of individuals (including clients, tenants and valuation firm employees) involved in the valuation process. 

(2) Kerbside valuation type added to the toolkit:

We have expanded our valuations policy to include kerbside valuations for circumstances where a physical inspection is not possible because someone in the property has recently returned from overseas, is unwell, or in self-quarantine.

 

When a physical inspection of the client’s property is still required, the client should expect that the valuer may ask additional questions when booking the inspection appointment in order to ascertain that no one in the property has recently returned from overseas, is unwell or in self-quarantine. 

Documents and settlements

Yes. We currently require a wet signature on all mortgage documents and all guarantee and indemnities. 

Physical settlements will continue to take place as normal and we are not anticipating any disruption to this service. PEXA have communicated that they are experiencing no disruption to settlements. We continue to encourage the use of PEXA by your solicitor where possible.

Other

Commissions are processed and paid monthly and this will remain unchanged.

In keeping with our longstanding responsible lending obligations, it’s important we can demonstrate the client is able to service their loan without undue hardship. 

As part of our responsible lending obligations, it’s important we can ensure new borrowers are able to afford their loan repayments without undue hardship. Where a client is no longer able to afford the loan repayments and will not incur a financial penalty if the loan does not proceed, we will cancel the application. Where the client will incur a financial penalty and wishes to proceed, we will work with the client to understand their circumstances and the solution that best suit their needs. 

Where a client advises their broker they have lost their job and/or business performance has deteriorated between approval and settlement of a new loan, the broker can help us understand the client’s new financial circumstance and what penalties, if any may be incurred, so that we can help facilitate the most appropriate outcome for the client. 

We will not be attending any events, nor travelling at this time. Most of our teams are now working from home. 

We’ve made the decision to cancel all upcoming events for the time being. 

Our BDMs will not be meeting in broker offices until further notice. However, they will of course be available to talk with you at any time, either on the phone, video conference, or email.