Macquarie strengthens housing push

Investment bank steps up moves to gain share of lucrative mortgage market: report.

Macquarie Group (MQG) is ramping up its efforts to gain a foothold in the local mortgage market by undertake in-depth assessments of the public view of mortgage brokers, according to The Australian Financial Review.

The investment bank has been focussing its attentions on gaining share through mortgage brokers and aggregators over the past two years, with the recent moves to buy stakes in Yellow Brick Road and Homeloans Ltd coming after a years-long pullback from the mortgage sector.

The greater interest from Macquarie has come as mortgage brokers lifted their market share of all home loans to 50 per cent in the March quarter, but are still struggling to jump the trust levels of the major banks, the AFR said.

Macquarie boss Nicholas Moore has previously outlined a plan for the bank to return to its pre-crisis mortgage book return of $25 billion, from $17 billion. However, Macquarie has separated itself from assertions it is attempting to become the nation’s fifth banking pillar.

Want access to our latest research and new buy ideas?

Start a free 15 day trial and gain access to our research, recommendations and market-beating model portfolios.

Sign up for free

Related Articles