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Brokers drive Westpac volumes

Staff Reporter 3 minute read

Jessica Darnbrough

Westpac has hinted it will introduce further policy enhancements over the coming weeks as competition continues to intensify amongst Australia’s banks.

Addressing an audience of more than 300 brokers yesterday at its Sydney broker roadshow, the lender’s general manager broker distribution Huw Bough told delegates that Westpac was "open for business and ready to increase its competiveness" in the mortgage space.

“We have gone from being cautious to confident,” Mr Bough said.

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Broker originated loans are now a key driver of business for Westpac with 65 per cent of new customers now delivered by brokers. And brokers are also driving multiple product sales for the bank with 76 per cent of broker clients signing up for four or more products.

“We are 100 per cent committed to the broker channel and we are here today to tell our broker partners that we are open for business and eager to improve ourselves in any way possible.”

In an exclusive interview with The Adviser, Mr Bough said broker feedback would play an important role in determining how the lender gears its products to the third party channel.

“We are continually seeking feedback from our broker partners as to what products need work. We want them to tell us what areas or products we may still be a little too cautious on.

“We are looking to increase our flow from the third party channel and there are levers we can put into place to make sure this happens.”

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