Macquarie agrees to sell a portion of its car loan portfolio to Allied Credit

Macquarie’s Banking and Financial Services group (Macquarie) has agreed to sell a $A1.5 billion portfolio of car loans to Allied Credit, a leading Australian independent financier.

The portfolio comprises more than 50,000 car loans and is expected to be transferred by Q4 2025. Following the completion of this transaction, Macquarie will continue to service a projected $A340 million portfolio of car loans in Australia. The majority of the remaining portfolio is expected to mature by the end of 2026.

Ben Perham, Head of Personal Banking at Macquarie, said: “In just a few years, we have cemented our position as a leading digital bank and grown to become Australia’s fifth largest lender and household deposit holder. We decided last year to cease new car lending so we could double down on providing the best possible digital banking experiences to our customers. This agreement with Allied Credit, an established lender in Australia’s motor vehicle finance market, will help us to deliver on this strategy whilst ensuring our car loan customers enjoy continued access to the finance solutions they need.”

Jon Moodie, Chief Executive Officer of Allied Credit, said: "Allied Credit is fast becoming the preferred provider in car lending and this agreement reinforces our growing reputation in the Australian market. We previously partnered with Macquarie on the transition of their dealer finance book to Allied Credit in 2021 and we’re proud to be building on that success. We're committed to ensuring a seamless and valued experience for our new customers and salary packaging partners."

Macquarie sold its floorplan finance operations to Allied Credit in 2021 when it ceased new lending via the dealership channel. Last year, Macquarie ceased all new car lending via its direct, broker and novated leasing channels so its Personal Banking business could focus on its core offering in home loans and deposit products.  

Macquarie will contact customers whose loans are being transferred to Allied Credit over the coming months to provide more information about what the sale may mean for them.

The transaction is expected to reach financial close in Q4 2025, subject to the satisfaction of customary closing conditions. The terms of the transaction have not been disclosed.