Bank returns to broker channel after 10-year absence

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A foreign-owned bank that exited the broker market in 2006 has returned to the third-party channel and partnered with a major brokerage.

HSBC announced today that it has returned to the broker channel after a 10-year absence, partnering with Aussie Home Loans.

The bank becomes the 21st lender on Aussie’s panel.

HSBC’s head of mortgages and third-party distribution Alice Del Vecchio said the bank is excited to be partnering with one of Australia’s leading brokerages.

“Aussie has a strong network of brokers and is a well-regarded member of the broking industry,” Ms Del Vecchio said.

“Our mortgage book has grown significantly over the past few years and now we’re ready to stretch it beyond the geography of our branch network with mortgage brokers. HSBC has a range of competitive products that we believe will be well-received by customers and brokers,” she said.

Aussie chief executive James Symond said the partnership brings together two leading brands focused on delivering greater competition to the home loan market.

“Our HSBC partnership will now provide Aussie’s customers with a greater choice of mortgage products, while giving our brokers access to consumers attracted to the strong HSBC offering, the majority of whom are high-net worth,” he said.

Aussie will be able to offer its customers HSBC’s wide range of basic and fully featured home loans and the opportunity to access to HSBC Global Premier, HSBC’s premium offering for customers.

The Aussie loan book, including its wholesale mortgage aggregator nMB, is over $75 billion and the addition of HSBC to its lending panel is expected to provide significant growth opportunities over the next few years.

HSBC confirmed its plans to return to the broker market in October last year.

More to come.

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