Macquarie to Divest $1.5 Billion Car Loan Portfolio to Allied Credit
Macquarie’s Banking and Financial Services group has agreed to sell a $A1.5 billion portfolio of car loans to Allied Credit, a leading independent Australian financier.
The transaction includes more than 50,000 car loans and is expected to be completed by the fourth quarter of 2025. After the transfer, Macquarie will continue to service approximately $A340 million in remaining car loans, most of which are expected to mature by the end of 2026.
Ben Perham, Head of Personal Banking at Macquarie, commented:
“In just a few years, we’ve grown to become Australia’s fifth largest lender and deposit holder, underpinned by our focus on digital banking. We made the decision last year to exit new car lending so we could concentrate on delivering the best digital banking experience. Partnering with Allied Credit—a well-established name in motor vehicle finance—supports that strategy while ensuring our customers continue to have access to the finance solutions they need.”
Jon Moodie, CEO of Allied Credit, added:
“This agreement strengthens our position as a preferred car finance provider in Australia. We’re proud to continue our relationship with Macquarie, building on our successful transition of their dealer finance book in 2021. Our priority remains a smooth, high-quality experience for incoming customers and salary packaging partners.”
This transaction follows Macquarie’s 2021 sale of its floorplan finance operations to Allied Credit, marking the bank’s exit from dealership-based lending. In 2023, Macquarie ceased all new car lending through direct, broker, and novated leasing channels, shifting focus to its core offerings in home loans and deposit products.
Macquarie will contact affected customers in the coming months with details about the transfer and what it means for their loans.
The deal is expected to reach financial close in Q4 2025, pending customary closing conditions. Financial terms of the agreement have not been disclosed.
