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Bendigo to boost third-party distribution

Staff Reporter 3 minute read

Bendigo and Adelaide Bank has delivered a boost to the broker channel with the news that it is ready to ramp up its third-party distribution.

Speaking to Mortgage Business general manager third party mortgages Damian Percy said the bank is committed to the third party channel and will be looking to re-enter the market with a vision for building its brand and volumes over the next three years.

The regional bank had pared back on third-party mortgage lending over the last 12 months due to the impact the financial crisis had on its funding sources.

However according to managing director Mr Hirst the bank’s recent profit results represented an upbeat assessment of the future of regional banks.

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Bendigo and Adelaide Bank is currently experiencing healthy margin trends while arrears on 90-day past due residential and commercial loans are beginning to track downwards after peaking around March.

“Despite our year long hiatus, we have continued to stay up to the minute with the industry and carefully analysed the trials and tribulations of those still operating in the sector,” Mr Percy said.

“What we have noticed is that some of the banks and non-bank lenders have tended to let their volumes run ahead of their capacity.

“We are committed to providing exceptional customer service, so as we build our brand we will make sure our volumes grow in accordance with our capacity.”

According to Mr Percy, Adelaide Bank will become the bank’s third party brand and it will be developed over the coming cycle.

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