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Broker explains benefit of direct accreditation with majors

by James Mitchell5 minute read
UNO, Vincent Turner

A Sydney-based broker has explained how he will bring lenders and customers “closer together” by having direct relationships with the major banks.

It took a year to achieve, but online broker uno. has this week announced that ANZ will become the fourth and final major bank to join the group’s panel of 19 lenders.

The Westpac-backed mortgage platform has seen significant growth since launching last year and expects to see $50 million in applications over the month of September.

Vincent Turner, uno.’s founder and CEO, said ANZ took some time to “get their head around” a digital mortgage channel and accrediting the broker direct, rather than the traditional method via a wholesale aggregator.

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“Because we are a digital proposition and not face-to-face, they had to get their head around that,” Mr Turner told The Adviser. “Also, banks haven’t done direct accreditations for a while. They have a mode where they don’t have to go direct,” he explained.

“The reason we pushed hard to go direct is because we are trying to get the lender and the consumer closer together. If you’re a great manufacturer of a product, and that doesn’t just mean price, it could mean policy, service levels and the broader banking experience, that stuff just floats to the top on our platform.

“We provide advice and negotiation and advocacy on top of that. We show you all the cards and help choose the loan that suits your needs. It’s a model that better serves both consumers and lenders.”

ANZ’s decision to partner with an online brokerage comes as the bank undergoes its own digital transformation. Earlier in the year, ANZ appointed former Google Australia boss Maile Carnegie as its new group executive of digital banking, tasked with leading the bank’s transformation.

ANZ’s head of retail broker distribution, Simone Tilley, said the bank is “embracing digital disruption”, which she says is “taking place across the industry”.

“Our customers want access to secure and reliable home loans that can be turned around in a short time and we are committed to providing that for them,” Ms Tilley said.

“By joining with uno. home loans, we will provide more customers with greater access to choose the home loan that is right for them,” she said.

The news comes after digital media giants REA Group and Domain last week entered the mortgage broking market through a series of acquisitions and joint ventures.

“It's clear to us that within five to 10 years, the majority of home loans will be sourced through digital mortgage platforms, and we’re thrilled to have ANZ be part of our journey,” Mr Turner said.

[Related: Uno. boss reveals his vision for the future of mortgage lending]

turneruno

James Mitchell

James Mitchell

AUTHOR

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

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