Macquarie Bank mortgage book exceeds $150mln for first time

Macquarie has emerged as a serious competitor to Commonwealth Bank, NAB, Westpac and ANZ – collectively the Big Four – following years of deep investment in digital technology, competitive rates and a broker-first distribution approach.

Without the vast retail networks of the Big Four, almost all Macquarie home loans originate through Australia’s 22,000 brokers, who are collectively responsible for writing nearly 80% of mortgages nationally.

As of August 2025, Macquarie’s $150.5 billion loan book comprised around $93.4 billion in owner-occupied loans and $57.2 billion in investment loans.

Despite the speedy growth of Macquarie’s loan book, a substantial gap remains between it and the Big Four. Australia’s largest lender CBA’s total loan book, for instance, was over $599 million in August 2025.

On a year-on-year basis, Macquarie vastly outstripped its competitor, delivering 21.6% in annual loan book growth, compared to ANZ’s 5.26%, CBA’s 6.16%, NAB’s 5.26% and Westpac’s 2.77%.

Stakes sky high for ANZ

Macquarie’s voracious appetite for a greater share of the Australian mortgage market is of particular concern for ANZ.

While ANZ’s loan book comfortably eclipses Macquarie’s, growth has slowed at the smallest of the Big Four banks. But it is clear that ANZ’s recently recruited chief executive Nuno Matos has some big plans in store.

Matos has already taken the axe to around 10% of ANZ’s workforce in a bid to cut down on duplication across the group.

Big changes are underway at the executive level too.

Former chief risk officer (CRO) Kevin Corbally shifted to a new role as managing director of capital management within ANZ’s institutional business in September.

This Wednesday, Troy Fedder, formerly of Suncorp Bank’s home lending division, announced over LinkedIn his new role as ANZ’s general manager proprietary lending.

Fedder brings decades of experience in the halls of the Big Four, having worked top roles at Commonwealth Bank and Westpac.

His new gig is noteworthy as it marks a shift from third party lending to proprietary.

Meanwhile, ANZ’s “war” with its 140-strong home lending franchisees suggests further large-scale restructuring of its mortgage strategy.

While it is unclear how these developments fit into Matos’ master plan, what is clear is that he’s getting his ducks in order to arrest ANZ’s declining share of the mortgage market.

On a year-on-year basis, ANZ lost 0.08% of the mortgage market (from 13.58% to 13.5%) in the 12 months to 31 August, while Macquarie increased its share by 0.82% (from 5.55% to 6.37%).

Matos’ mandate is clear – stop this worrying trend at all costs. But it will not be an easy task.