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Great Southern Bank joins Loan Market lender panel

by Reporter5 minute read

The aggregator has expanded its lender panel with the addition of customer-owned Great Southern Bank.

Loan Market managing director Andrea McNaughton noted Great Southern Bank (formerly CUA) had halved its home loan approval times over the last year, while doubling the number of loans it processed.

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The broker channel now originates more than three-quarters of the bank’s home loan settlements.

“We’ve been impressed by Great Southern Bank’s engagement with brokers and how it’s created solutions for various segments of the market,” Ms McNaughton said.

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“They’ve established a strong rapport with younger clients, as seen by the rising volume of first home buyers loans they’ve settled.”

In the 2021 financial year, Great Southern Bank saw a surge in first home buyers, with the demographic covering one-third of its home loan applications – triple that seen in 2018.

Brokers had also contributed to the wave of younger borrowers, with customers coming through the channel being seven years younger than the ones introduced through the bank’s branches.

Mat Patterson, head of broker at Great Southern Bank, added the new partnership would continue to support the growth of both businesses.

Great Southern Bank now has around 380,000 customers, and it has previously signalled that it is aiming to double its accredited brokers to a total of 6,000 by the end of the year.

“Loan Market is one of the largest, fastest-growing and most respected broker businesses in Australia,” Mr Patterson said.

“To be invited to join their panel is a significant step for Great Southern Bank as we grow our business and seek to help more Australians into their homes.”

Great Southern Bank also recently joined the lender panel for Specialist Finance Group (SFG).

It had indicated that it was set to introduce electronic signatures and a new fixed-rate lock feature.

Mr Patterson joined Great Southern Bank in July last year, after being general manager for broker sales at ME Bank.

The bank also released new data in April, showing almost three-quarters of future home buyers expect to rely on government schemes and financial support.

In April, Loan Market Group confirmed that a former director and adviser for Loan Market will return on 18 July to be its new chief operating officer (COO) and executive director.

Ewen Stafford will join the company’s executive ranks after being a chief financial officer and COO at Bank of Queensland.

[Related: BOQ state relationship manager joins PCF as Qld head]

Great Southern Bank joins Loan Market lender panel
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