The deposit bond provider has appointed its first full-time state manager for Victoria, following a period of growth.
Deposit Power has this week welcomed back Niraj Singh to the company, as he takes on the newly created full-time position of state manager for Victoria.
Mr Singh, who was most recently broker development manager for Bankwest, had previously worked at Deposit Power between 2014 and 2018, when he was partnerships manager for the company – as well as for a period of four years in the early noughties.
Starting this week (2 March), Mr Singh will now be responsible for managing the deposit bond products in the state.
Speaking of the new appointment, general manager of Deposit Power, Grant Bailey, commented: “Niraj brings a wealth of Deposit Guarantee experience having previously worked in the business for eight years.
“Aside from specific industry experience, he has also worked on the lending side, so he gets brokers and understands their needs and pain points. We have a great depth of experience at Deposit Power and Niraj will add to that experience immensely,” he said.
Mr Singh commented: “I’m really passionate about the Deposit Power business and am looking forward to helping brokers grow their business with the unique offering that Deposit Power provides.”
According to the company, the need for a full-time state manager came after a period of “recovery” in the Victorian property market in the second half of 2019, which resulted in increased uptake of Deposit Power products.
The company has said that its signatureless and paperless application process may also account for the increase in transaction volumes over the past six months.
“We continue to invest in our online application and approval system and our recent enhancement makes life easy, especially for brokers and conveyancers who have customers who are not close by, as the customer now receives a pre-populated form by email which they tick and submit and then process the payment” Mr Bailey concluded.
[Related: Reach of FHLDS questioned]
Annie Kane is the editor of The Adviser and Mortgage Business.
As well as writing about the Australian broking industry, the mortgage market, financial regulation, fintechs and the wider lending landscape – Annie is also the host of the Elite Broker and In Focus podcasts and The Adviser Live webcasts.
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