Sydney, 30 May 2018
ABC TV’s 7.30 tonight aired a segment which among mortgage clients featured included clients of Macquarie Bank.
Macquarie notes the following detailed statement provided to 7.30 prior to the broadcast, which was partly reflected during the program:
Macquarie’s mortgage book, which comprises approximately 2% of Australia’s home loan market, has an arrears rate below industry averages.
Regarding the mortgage case being profiled by the ABC, Macquarie has approved hardship relief after receiving - for the first time - information from the client last Friday about their circumstances.This hardship relief includes the deferral of interest payments for the client for six months. Macquarie was earlier this year unable to assist in granting any hardship relief because it had previously received no response to hardship packs sent out to the client on two separate occasions. It is worth noting that financial institutions are required to respond to hardship requests within 21 days. Clients who do not respond then receive a letter informing them that their application has been unsuccessful and advising them to contact Macquarie or the Financial Ombudsman Service (FOS) to discuss other options.
Macquarie had attempted to contact the client on multiple occasions this year but was unsuccessful. Had we been able to make contact, we could have responded to the customer’s concerns earlier. Macquarie was not at any stage considering the sale of the family’s home, nor was this indicated to the clients at any time. Even though the loan was in default the arrears were not material. Macquarie is currently in constructive discussions with the client over their current situation.