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Macquarie bulks up mortgage book with portfolio purchase

01 August 2014 4:06PM
Macquarie Bank has been streets ahead of every other mortgage lender over the past couple of years, with annual growth in its book of more than 30 per cent. However, anyone analysing the trend in mortgage originations needs to make an adjustment; in May last year Macquarie bulked up with a A$1.5 billion purchase of loans from ING Direct.Looking only at Macquarie's own origination, its growth rate in 2013 would have to come down eight or ten percentage points - still a very high growth rate.A Macquarie Group spokesperson confirmed that Macquarie Bank had bought the loans and said it was the only purchase of residential mortgages the bank had made since reviving its mortgage business a few years ago.ING Direct is reducing its exposure to the non-branded (or white label) segment of the market. It is currently selling another book of loans.Among other lenders, the latest Australian Prudential Regulation Authority banking statistics show that ANZ, Bendigo and Adelaide Bank and National Australia Bank grew at or above system growth of 2.1 per cent during the June quarter.AMP Bank, Bank of Queensland, Citibank, Commonwealth Bank, HSBC, ING Direct, ME Bank, and Westpac were all below system.

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