MacBank to sell Bendigo home loans

Macquarie Bank will sell mortgages funded by Bendigo & Adelaide bank to its wealth management customers from next year. In a deal hammered out over the last few weeks, Macquarie will re-enter the mortgage market with about $500 million worth of funding from Bendigo by the end of March 2010.

The deal follows Bendigo buying Macquarie’s margin lending business in January. Bendigo says it wants to strike similar deals with other mortgage originators as it seeks to position itself as a key alternative player to the major four banks.

Source: The Daily Telegraph