the adviser logo

Small bank making big moves in broker channel

by James Mitchell4 minute read

Mortgage brokers agree that one of Australia’s smaller banks has significantly improved its home loan offering over the last 12 months.

Heritage Bank has taken the title of Rising Star in the 2016 Momentum Intelligence Third-Party Lending Report: Non-Major Banks, rising from 10th position last year to sixth position in 2016.

To continue reading the rest of this article, create a free account
Already have an account? Sign in

Heritage had the highest year-on-year increase in its overall aggregate score across the 23 metrics.

Momentum Intelligence head of client services and sales research Andy Scott said that while ING Direct was ranked number one overall in the research, it's important to note that all non-major banks received higher scores overall than last year.


“Heritage Bank's increase of 17.56 per cent illustrates that brokers are receptive to banks that listen to broker feedback and act on their suggestions,” he said.

Paul Francis, general manager for retail services says Heritage Bank is “absolutely delighted” to be the most improved in this year’s report.

“This is a very pleasing result,” he said, “however, we are absolutely aware that we are on a continuous improvement journey.”

Mr Francis said Heritage has been “listening carefully” to what its broker partners have asked for — and is working hard to deliver on those requests. Mr Francis says that Heritage paid close attention to last year’s report.

“While we have had a significant improvement from last year, the key learning for us is that we still have to listen to all the feedback our broker partners provide us and work as hard as we can to match their needs.

“Our key focus has been, and will continue to be, on our service — both our processes and turnaround times.”

Heritage has been recently focusing on giving more structure to its broker offering to “build deep and lasting relationships with broker partners”. Earlier this year, the bank appointed Michael Trencher as the head of broker distribution, with a view to reposition the bank’s model and enhance its value proposition.

Heritage has also spent some time reviewing its loan processing structures along with its credit policies — both of which are linked to its broader corporate strategic growth strategy.

The group’s focus on growth in the six months to June this year has reportedly helped deliver a 7.1 per cent growth in its mortgage portfolio over the same period.

[Related: Heritage Bank grows mortgage portfolio]


heritagebanklogo  x

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.


You need to be a member to post comments. Register for free today


ABA finalists

Finalists for 2022 Australian Broking Awards revealed!

Run with the support of principal partner NAB, the Australian Broking Awards – which is now in its 12th year –...

Anthony Albanese new ta

Home owners in flood regions offered cash payments

Speaking at a press conference on Wednesday (6 July), Prime Minister Anthony Albanese confirmed that residents in the...

Sam Henley

Fifo invests further into BDM team

According to Fifo Capital (Fifo), Sam Henley joined the lender as its senior business development manager –...

Read the latest issue of The Adviser magazine!
The Adviser is the number one magazine for Australia's finance and mortgage brokers. The publications delivers news, analysis, business intelligence, sales and marketing strategies, research and key target reports to an audience of professional mortgage and finance brokers
Read more