The Macquarie Group today announced that Cervus Financial Corp., one of Canada’s most dynamic mortgage lenders, has changed its name to Macquarie Financial Ltd.

The name change follows the company’s recent acquisition by, and successful integration of, the Cervus platform into Macquarie.

Macquarie Financial will continue to offer one of the most competitive, no haggle residential mortgage rates in Canada through a network of professional mortgage brokers. As part of the brand’s integration, the company plans to introduce new products and promote the benefits of using a professional mortgage broker.

Grant MacKenzie, CEO, Macquarie Financial said, “The Macquarie brand is known around the world for its innovative mortgage products and commitment to promoting the highest standards in the mortgage lending industry. The Macquarie name allows us to compete even more effectively by offering Canadians unique mortgage products that are lower than most posted rates, no haggling and a high level of personal service because unlike many others in the industry, we don’t compete with the broker.”

Macquarie Financial sees strong growth potential in the Canadian residential mortgage market, which is estimated at $725 billion.

In addition to being a leading mortgage provider in Australia, Macquarie also provides innovative home loan products in the United States (through Macquarie Mortgages USA Inc.) and Italy (through Macquarie Bank Italia).

Macquarie executive director, Mike Barrett, previously Head of Macquarie’s Australian mortgage business, has relocated to Toronto as Head of Macquarie’s mortgage operations in North America. In this role, he is responsible for integrating the Macquarie brand in Canada and overseeing Macquarie’s North American mortgages strategy.

“Macquarie Financial will operate as a Canadian company run by Canadians, but with the competitive advantage of having access to innovative products that Macquarie has successfully introduced in other parts of the world,” said Barrett.

According to Barrett, the Canadian mortgage market has more in common with Australia than for example the U.S. Like Australians, Canadians prefer short-term mortgage products, whereas 30-year fixed rate mortgages are more popular in the U.S. In Australia, mortgage brokers account for 35% of the mortgage market and this number is expected to grow to 50% noted Barrett.

A 2005 report published by the Canadian Institute of Mortgage Brokers and Lenders (CIMBL) showed the Canadian mortgage market has grown on average of 6.4% per year for the past 15 years, with an average growth rate to 9.4% over the last two years. CIMBL expects a growth of 10% this year. Approximately 25% of Canadians used a mortgage broker when purchasing a home, up from 14% two years ago; the rate is higher in British Columbia and Alberta.