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Update: Market Chatter: Macquarie Group Moves to Align Policies With Proposed Negative Gearing Ban, AFR Says

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(Adds company's response to' request for comment on the third paragraph)

Macquarie Group (ASX:MQG) instructed its mortgage broker network to revise lending policies in line with the federal government's proposed ban on negative gearing for existing properties, despite the measure not yet being enacted into law, according to a Monday report by the Australian Financial Review, citing a company spokesman.

The company told its brokers it was developing a new borrowing calculator that incorporates the proposed changes, with the tool expected to be rolled out soon, the report added.

"In light of the Federal Budget, we have made changes to our investor lending policy to ensure we continue to comply with our responsible lending obligations. These changes help us ensure property investors are able to afford their loan when the changes to negative gearing come into effect", said a Macquarie spokesperson, in response to' email request for comment.

The company's shares fell 3% on market close.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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