Is Macquarie taking home-loan share from the big four banks?

Yes. With 24% annualised deposit growth and 28% home-loan growth in the December quarter, Macquarie is winning new customers. A 6.3% deposit market share and sharper broker-led pricing are helping. This puts margin pressure on the majors as they match rates to defend books, especially in refinancing.

Are Macquarie home loans mostly sourced through brokers?

A large share is broker-sourced. Macquarie said 63% of mortgage flow comes via the mortgage broker channel. Brokers compare rates and service across lenders, which rewards fast approvals and sharp pricing. That setup supports continued flow into Macquarie home loans if service standards remain high.

What could slow Macquarie’s lending momentum?

Key risks include higher deposit competition lifting funding costs, slower housing credit growth, and any uptick in arrears. Governance headlines also matter, with calls to publish the 2019 APRA self-assessment creating an overhang. Any adverse regulatory finding or tighter capital needs could weigh on growth and sentiment.

Is MQG.AX attractive at today’s valuation?

MQG.AX trades near A$219, about 20.06 times earnings, with a 3.04% dividend yield and price-to-book around 2.34. Momentum is positive but near-term overbought. For long-term holders, deposit-led growth and scale in Macquarie home loans help the case. We prefer adding on pullbacks toward A$206–A$213 support.

Global Market Insights

MQG.AX Stock Today, February 12: Deposit-Led Lending Surge Pressures Big Four

ByDanny Kontos February 12, 2026February 12, 2026

Macquarie home loans are expanding fast as deposits power lending growth. In the December quarter, deposits rose at a 24% annualised pace and home loans grew 28%, taking deposit market share to 6.3%. Funding is now 86% from customer deposits, while 63% of mortgage flow comes via brokers. That mix is squeezing big four margins. Today, MQG.AX last traded at A$219.02, up 2.1%, with a market cap of A$80.56 billion. Investors should also note calls to publish its 2019 APRA self‑assessment, a governance item to watch.