Macquarie Bank is pulling out of the self-managed super fund (SMSF) residential loan market and has stopped providing family guarantee loans.
According to a statement from Macquarie, this forms part of its plans to “streamline” it’s loan offerings and products.
The bank plans to cease SMSF lending by the end of next month. This follows several lenders withdrawing from the space, including the Commonwealth Bank, Westpac and AMP.
Macquarie noted that any applications in progress for these loan products will need to settle by 30 June, and that it would continue servicing existing borrowers who hold these products.
The bank recently also revealed that it would no longer be providing white label loans to several lenders, attributing its decision to technological and operational complexity.