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Macquarie Bank has released a new mortgage insurance product to be sold through intermediaries, a move it says reinforces its “commitment to brokers”.The move also adds to market speculation that the lender is looking to bolster its broker ties.
MortgageGuard, a collaborative effort between Macquarie Life and Macquarie’s mortgages team, offers borrowers a lump sum of up to $750,000, or the coverage of repayments of up to $5,000 per month, in the event of death, terminal illness or permanent disability.
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Tim Brown, division director at Macquarie Bank, said the product would cater towards a growing consumer demand as well as assist brokers to insure their revenue base in a challenging market.
“At Macquarie we have more than 15 years’ experience working closely with mortgage brokers and it has been great for us to be able to put that experience to work with Macquarie Life, bringing to market a product there was not only a growing consumer need for, but that also helps to diversify a broker’s income and supports a sustainable broking business.”
The launch of the new product comes as speculation that Macquarie is looking to return to the mortgage market intensifies.
Talk of the group entering the aggregation space has been circling for some time and more recently Mortgage Business has received a number of reports that it is also looking to relaunch mortgage lending.
The bank however remains tight-lipped, confirming only its continued monitoring of the market to Mortgage Business earlier this week.
Mr Brown yesterday reinstated the bank’s interest in the broker channel.
“We are continually looking for opportunities in the industry, particularly in support of mortgage brokers with whom we have had a long and healthy relationship and who we feel we can add value to through our long-standing industry experience.”
