Mortgage Business can confirm that Macquarie Bank purchased the loans, which had been on the market since July.
The loans were part of the ING Direct-funded portfolio of non-bank white-labelled assets.
Last year, Macquarie purchased $1.5 billion of loans from the same portfolio, which is now worth $4 billion following the second sale.
A source close to the situation said the recent sale is part of the bank’s ongoing strategy to move into the core banking sector and become the primary bank to its customers.
Non-branded mortgages are not conducive to the bank’s customer-focused strategy, signalling a move away from wholesale funding.
As the foreign-owned bank continues to harness its branded home loans, Macquarie has been equally aggressive in its mortgage business.
The lender has seen significant growth in mortgage volumes in the past 12 months, with its loan book growing 37.8 per cent to $24 billion.
With substantial funding and free liquidity, Macquarie could even look to acquire ING Direct in the future, according to JP Morgan analyst Scott Manning.
“Potential acquisition targets over the next two years include ING Direct, ME Bank and the Australian subsidiaries of HSBC or Citi,” Mr Manning said.
ING Direct is now the fifth biggest lender in the Australian mortgage market with a total loan book valued at $41.3 billion.