Powered by MOMENTUM MEDIA
SUBSCRIBE TO OUR NEWSLETTER SIGN UP
Powered by MOMENTUM MEDIA

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

CBA-owned aggregator not dropping lenders from panel

hand documents ta hand documents ta
James Mitchell 4 minute read

The chief executive of eChoice has assured brokers that CBA-owned Finconnect will not be cutting any lenders from its panel after it acquired the boutique aggregator.

The Adviser received a number of calls from eChoice brokers concerned that the Finconnect panel would be smaller than the eChoice panel and fearing they would not have access to some mutual and non-bank lenders.

The issue comes after eChoice CEO Peter Andronicos emailed brokers explaining that the lender panel currently available to them at Finconnect will be “very similar” to the panel they had access to under the eChoice licence.

The lenders listed on the Finconnect panel are Adelaide Bank, AMP, ANZ, Australian First Mortgage, Bank of Melbourne, BankSA, Bankwest, Citi, CBA, Firstmac, Global Direct, ING Direct, Key Start, La Trobe Financial, Macquarie, ME Bank, NAB, Pepper, Scottish Pacific, St. George, Suncorp Bank and Westpac.

Advertisement
Advertisement

Blake Buchanan, who served as eChoice’s general manager of aggregation for close to three years, was made redundant following the sale of the aggregator to Finconnect late last year.

The loss of Mr Buchanan, coupled with the new bank ownership, has caused a number of brokers to begin jumping ship.

[Related: Major bank subsidiary snaps up aggregation business]

CBA-owned aggregator not dropping lenders from panel
hand documents ta
TheAdviser logo

If you’re feeling overworked and overwhelmed in this fast-paced mortgage market, it’s time to make some changes, and the Business Accelerator Program can help! Tickets are on sale now. Work smarter, not harder, this year.

PROMOTED CONTENT


hand documents ta
James Mitchell

James Mitchell

James Mitchell has over eight years’ experience as a financial reporter and is the editor of Wealth and Wellness at Momentum Media.

He has a sound pedigree to cover the business of mortgages and the converging financial services sector having reported for leading finance titles InvestorDaily, InvestorWeekly, Accountants Daily, ifa, Mortgage Business, Residential Property Manager, Real Estate Business, SMSF Adviser, Smart Property Investment, and The Adviser.

He has also been published in The Daily Telegraph and contributed online to FST Media and Mergermarket, part of the Financial Times Group.

James holds a BA (Hons) in English Literature and an MA in Journalism.

 

 

more from the adviser
Blake Albones Bank announces new head of home lending distribution

MyState Bank has hired the CEO of RateOne and former NAB head of ...

Sydney Sydney mayor launches business support, calls for JobKeeper

Sydney’s mayor has urged the federal government to resurrect Jo...

mortgage payments money Banks accused of bias against BNPL in lending process

An executive from buy now, pay later provider Zip has echoed repo...