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Lender wants more brokers, BDMs and volumes

by Nick Bendel7 minute read
The Adviser

Bank of Queensland has celebrated its return to the third-party channel by forecasting 200 per cent growth in its broker numbers.

The lender returned to third-party mortgages in March 2013 after a nine-year absence. Head of broker channel Brad Rockwell said almost 500 brokers are now accredited with Bank of Queenslandand, and this figure could double – or triple– within four months.

Mr Rockwell said the bank was trying to build its profile among brokers and to convince them it could offer robust service.

“We’ve now got some trust and we’ve got some really good brokers starting to take interest in us and [who] are starting to become what I would call loyalists,” he told The Adviser.

Bank of Queensland is currently affiliated with only one aggregator, AFG, with about half of its accredited brokers coming from AFG’s home state of Western Australia, said Mr Rockwell.

The bank provided about 2 per cent of Western Australian home loans processed by AFG in January, he said.

Bank of Queensland also works with brokers from NSW, Victoria and South Australia. It plans to eventually move into the other states, but is wary of moving too quickly and undermining its service delivery, he said.

Mr Rockwell said the bank has seven BDMs – three in Western Australia, two in NSW and two in Victoria. More will be added in 2014, most likely in NSW and Victoria, he said.