A Macquarie representative confirmed to InvestorDaily that the product was designed on the back of direct feedback from brokers and borrowers who were after an integrated option.
The new service allows clients to incorporate general insurance - building, building and contents and landlord insurance - as part of their mortgage application process, which the bank said provides a more streamlined and efficient service.
“We’re delighted to be working with Auto & General to offer a comprehensive mortgage and general insurance solution for mortgage brokers and their clients,” Macquarie mortgage head of product James Casey said.
“We’re also pleased to be able to provide added security to borrowers in the knowledge that their premium could be capped for the first three years of their policy.”
The arrangement allows borrowers to be presented with a firm quote that they can either accept or update to meet their needs.
As clients only need to make one application process, the risk of delayed settlement due to an outstanding Certificate of Currency is reduced.
The approval process for the package involves only one central point of contact, with borrowers additionally able to choose between monthly or annual pay.
