Macquarie has told its network of mortgage brokers to update lending policies so they apply the federal government’s ban on negative gearing for existing properties, moving before the law has passed parliament.
The bank made the change after the government said the measures would be effective from the 2026 federal budget, a decision that pushed Macquarie to act immediately rather than wait for the legislation to clear parliament.
The shift matters because it shows one major lender treating the budget announcement as operationally binding even though the ban on negative gearing for existing properties had not yet become law. For borrowers, that means lending rules can tighten before the final vote, not after it.
Macquarie’s move also underlines the speed with which the budget measure is being translated into practice. The federal government outlined the ban in the 2026 federal budget and said it would take effect from that day, but the legislation itself was still moving through parliament when the bank updated its policies.
That gap between the budget announcement and the law is the friction at the center of the change. Macquarie chose to move quickly on the government’s timetable, while the formal parliamentary process was still underway. In practical terms, that leaves brokers and borrowers dealing with a policy shift before the legal text has been finalized.
For now, the answer to the question raised by the budget is clear: Macquarie is treating the negative gearing loophole family home change as live from the budget date, not from the day parliament finally passes the law.
