What types of technical variations and consents for changes to borrowers, property or title are acceptable?

Our Variations team can assist you with a range of variation applications and consent requests, including:

*These variations are only available on home loans with a BSB starting 182. An internal refinance is required for other home loans.
**A second registered mortgage and subdivision consent is only available on home loans with a BSB starting 182.

How do I submit a technical variation or consent request?

To start a technical variation request on behalf of your customer, you’ll need to collate the relevant supporting documents required for that type of variation and email our Variations team at mortgagevariations@macquarie.com.

Multiple variations in the same request

Some scenarios may require more than one variation to take place to achieve the desired outcome for the customer. In these instances, it’s important to let us know about all variations/requests required for the customer when you contact us about the initial request.

Common combinations may include:

  • Subdivision and partial discharge – when your customer subdivides their property into multiple lots and then wishes to sell some of the subdivided lots.
  • Subdivision and strata – when your customer subdivides their property into multiple lots and intends to consent to register a strata plan for common areas they’ve created with the subdivision.
  • Removal or borrower and mortgagor – when your customer needs to be removed from both the Title (mortgagor) and the home loan (borrower).
     

What variations or consents require a credit review or assessment?

All variations and consent requests will be reviewed by our Credit team, who may request additional information and documents.

How long do variations or consent requests take to process?

Our Credit team will typically assess the request within 2-3 business days, providing the required supporting documentation has been included. However, the entire process to complete the changes generally takes up to 28 days.

What’s the maximum LVR for variations?

The maximum loan to value ratio (LVR) will be in line with our security property and LVR requirements and subject to a credit review.

Typically, if the LVR increases because of the variation (e.g. a subdivision or updated valuation) the maximum LVR is 80% for variations. However, where a home loan facility has already had a Low Deposit Fee capitalised (i.e. >80% LVR) at origination, the maximum LVR for a variation will generally be the non-capitalised LVR (i.e. the base LVR).

What fees are applicable to a technical variation or consent request?

Macquarie does not charge fees to vary a home loan and there are no valuation fees. However, third party costs may apply which would be payable as part of the variation being completed (e.g. solicitor fees).

Can I request a technical variation or consent on a fixed loan?

Typically, a technical variation or request for consent can be considered on a fixed rate home loan where the home loan account limit will remain unchanged.

How do I request to remove a borrower or guarantor?

If no additional lending is required, you can request to remove a borrower from your customer’s existing loan. The request will require:

  • a full credit assessment on the remaining borrower(s) who’ll continue to service the debt
  • at least one remaining borrower or guarantors to be a natural person, and
  • the borrower to also be removed from the title.

Once the request has been received with the supporting documents listed below, our team will order a valuation.

Note, an internal refinance for removal of borrower or guarantor is required if:

  • additional lending is also being requested
  • the home loan account has a BSB starting 183, or
  • the home loan facility is under a company/trust structure.

Documents required to remove a borrower or guarantor

  • An email outlining the instructions including the reason for the removal of the borrower or guarantor
  • A completed and signed Variation Application form from the remaining borrower(s) and guarantor(s) (where income was used for servicing)
  • Evidence of funds to complete (if a payment is required to be made to the borrower being removed)
  • Completed serviceability calculator
  • If applicable, a copy of the signed Court Order or Separation Agreement
  • Updated financials from the remaining borrower (e.g. 2 most recent pay slips, rental statements etc.).

How do I request to add a borrower or guarantor?

Typically, adding a borrower or guarantor will require an internal refinance.

In some instances, a guarantor may be able to be added (e.g. adding a director as a guarantor to a company loan). Refer to your BDM for scenario-specific advice.

How do I request a variation for a subdivision?

A subdivision is where a customer wishes to subdivide their land into smaller individual lots, which will result in separate Certificates of Title. This type of variation:

  • may increase the LVR and is subject to our standard security and LVR requirements
  • isn't allowed on construction loans until the final drawdown has been completed and the construction phase is finalised
  • is subject to a credit assessment.

Documents required with a subdivision request

  • An email outlining the instructions confirming the lot(s) that will be retained as security
  • A copy of the survey plan or equivalent, confirming individual lot information and boundaries
  • A copy of any documents requiring execution by Macquarie as Mortgagee
  • Where a partial discharge is required after subdivision, a completed Discharge Authority form for any lots that are to be released upon registration of the subdivision.

To start the process, we only need scanned copies of the documents. Once approved, the original documents will need to be provided to the solicitors.
 

How do I request to register a strata plan?

A strata plan is a subdivision of land into separate lots, which includes 'common property’ that can be accessed by all owners within the strata complex. An example where this is required may be when a customer constructs a duplex, they may wish to subdivide and register a 'strata' plan for the properties, rather than the land being divided into separate 'freehold' Certificates of Title.

This process doesn’t automatically create separate Certificates of Title. If this is required, a subdivision request would need to be submitted.

Documents required register a strata plan

  • An email outlining the instructions and details of the property(s) from you or your customer's solicitor
  • A copy of the survey strata plan
  • A copy of any documents requiring Macquarie to execute as mortgagee (electronic copy of assessment). Original copies will need to be presented to our panel solicitors after formal approval.

How do I add or remove my customer as mortgagor on the Certificate of Title?

A mortgagor is typically also a borrower on the home loan facility and noted on the Certificate of Title. Adding or removing a mortgagor effectively removes your customer from the Certificate of Title, and can only be requested when the mortgagor is a spouse/de facto of the other borrower/mortgagor to the home loan.

Adding a mortgagor

  • Example: The home loan facility is held by borrowers A and B, but only borrower A is noted on the property title. Borrower B can request to be added to the property title also.
  • If the mortgagor to be added isn’t a current borrower or guarantor to the home loan, an internal refinance may be required.

Removing a mortgagor

  • Example: The home loan facility is only held by borrower A, but both borrower A and mortgagor B are noted on the property title. Mortgagor B can request to be removed from the property title.
  • If the mortgagor to be removed is a borrower or guarantor to the home loan, you also need to submit a request to remove them as a borrower/guarantor.

Note, this variation is only available on home loans with a BSB starting 182.
 

Documents required to add or remove a mortgagor

  • An email with instructions from you or your customer's solicitor notifying us of the change
  • A copy of the proposed transfer (confirming if any priority is required to be paid).

How do I change my customer’s name on their home loan or title?

A change of name request on a Certificate of Title is mostly requested due to a change in marital status.

Your customer can opt to change their name on their home loan only, without updating the Title. However, if the Title requires updating for other reasons, the home loan must also reflect their new name.

Documents required to change name

  • An email with instructions from you or your customer’s solicitor of the change
  • Either a certified copy of the Marriage Certificate or Change of Name Certificate
  • A Statutory Declaration from your customer confirming the name change and evidencing their old and new signatures
  • A verification of identity may be required.

What consent do I need to change my customer’s property or title?

During the life of your customer’s home loan, changes may occur to their property or title which require consent to be requested from us before proceeding. These consents may include:

*Note: this consent is only available on home loans with a BSB starting 182.

Consent to boundary realignment

A boundary realignment may be required if your customer is selling/purchasing a portion of their land to/from their neighbour or the council is reclaiming land.
 

Documents required to consent to boundary realignment
  • An email with instructions from you or your customer’s solicitor detailing the request
  • A copy of the Survey plan (or equivalent) confirming the new boundary(s)
  • Contract of sale if your customer is selling a portion of the land and the loan will potentially be reduced.

Consent to an easement (including right of way)

An easement is a section of land registered on your customer’s property title, which gives someone the right to use or access the land for a specific purpose even though they aren’t the landowner. An example may include the local council requesting a sewerage easement to allow access to your customer’s land.

Specifically, a right of way is a type of easement that gives someone the right to travel across property owned by another person. 
 

Documents required to consent to an easement
  • An email with instructions from you or your customer’s solicitor detailing the request
  • A copy of the survey or strata plan
  • A copy of any documents requiring Macquarie Bank to execute as the Mortgagee.

Consent to lease a property through a rental scheme

A consent to lease may be required by your customer if they rent their property through a scheme, such as Defence Housing Australia (DHA) or the National Rental Affordability Scheme (NRAS). The governing body of the scheme (e.g. DHA or NRAS) may request a lease to be registered on your customer’s property title.
 

Documents required to consent to lease a property
  • An email with instructions from you or your customer’s solicitor detailing the request
  • Full copy of the lease from the governing scheme.

Consent to consolidate land into one property title

A consent to consolidate enables your customer to consolidate two or more parcels of land into one marketable parcel.  For example, if your customer owns two adjacent blocks on separate titles, they may wish to consolidate both blocks into one under one Certificate of Title.
 

Documents required to consent to consolidate land
  • An email with instructions from you or your customer’s solicitor detailing the request
  • A copy of the survey or strata plan
  • A copy of any documents requiring Macquarie Bank to execute as the Mortgagee.

Consent to a positive covenant

A positive covenant is a promise to do or maintain something after a property had been purchased. For example, your customer may share a driveway with their neighbour and a positive covenant is a promise that they’ll both contribute to maintaining the driveway for both their use. A positive covenant can be requested to be added or removed.
 

Documents required to consent to a positive covenant
  • An email with instructions from you or your customer’s solicitor detailing the request
  • A copy of the survey or strata plan
  • A copy of any documents requiring Macquarie Bank to execute as the Mortgagee.

Consent to second registered mortgage

A consent to register a second mortgage is required where another lender requests to be noted on your customer’s Certificate of Title behind our Mortgage. A scenario where this is required is where your customer is also a family guarantor for their child with another lender, providing their Macquarie-secured property as a second registered mortgage.

Please note, where there has been unsatisfactory conduct on your customer’s home loan facility at Macquarie, a consent for a second registered mortgage may be denied.
 

Documents required to consent to a second registered mortgage
  • An email with instructions from you or your customer’s solicitor detailing the request
  • Letter from the lender who is the second mortgagee, including:
    • mailing address and contact details of second mortgagee (the lender)
    • amount of second mortgage
    • proposed loan term
    • indicative interest rate and repayments.
  • A signed consent from the second mortgagee granting authority to exchange information relating to your customer’s home loan must also be provided
  • Signed Privacy Act or authority from your customer
  • No valuation is required.

Note, this consent is only available on home loans with a BSB starting 182.

Consent to transmission of title (bankruptcy and deceased estates)

A transmission of title provides the Executor or Trustee the right to deal with that property (e.g. place it on the market for sale).

In both instances, bankruptcy or deceased estates) you should contact our team for:

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