Powered by MOMENTUM MEDIA
the adviser logo
Broker

ANZ responds to media reports on broker appetite

by Staff Reporter5 minute read
ANZ

The major bank has issued a statement in response to recent claims made by AFR columnist Christopher Joye that the group is looking to reduce its reliance on mortgage brokers.

The Adviser obtained the following comment from an ANZ spokesperson on 31 July afternoon:

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

“Brokers remain a preferred channel for many customers and currently account for about 50 per cent of home lending/home loans by ANZ. It means brokers are a key distribution channel for ANZ now and in the future.”

The statement comes after the AFR ran a piece by columnist Christopher Joye claiming the author had received information from ANZ chief executive Shayne Elliott about the bank’s plans to cut ties with brokers.

Advertisement
Advertisement

“In an exclusive interview with this columnist over lunch in Melbourne, Elliott explains that he wants to streamline his workforce, reduce the distribution dependency on mortgage brokers and branches, and rebuild ANZ into a highly productive data and technology-centric company that uses predictive modelling to disrupt larger incumbents via radical, ‘risk-based pricing’,” Mr Joye wrote.

“Risk-based pricing is a vital pre-condition to allowing ANZ to pivot away from expensive mortgage brokers and branches towards end-to-end online origination in which customers can quickly buy deposits, loans, insurance, investments and super via a website in real time with no physical documents required.”

The Adviser editor James Mitchell penned an opinion piece, published on Monday, relating to Mr Joye’s column.

The opinion piece has since been updated to include ANZ’s response.

[Related: Will this major bank cut out brokers?]

ANZ responds to media reports on broker appetite
anz
TheAdviser logo
anz

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.

JOIN THE DISCUSSION

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

MORE FROM THE ADVISER

Glen Lees

Connective announces record settlement figures

Mortgage aggregator Connective has revealed that its brokers settled a record $95.5 billion across its residential,...

READ MORE
charles grover outfund ta zgvq5o

New SME lender launches into broker channel

A new fintech lender, Outfund, is ramping up for growth through the broker channel after having completed a capital...

READ MORE
david bailey afg ta l8ozkr

AFG’s bottom line hit by Volt closure

The ASX-listed company, Australian Finance Group Ltd (ASX: AFG) has confirmed it is set to deliver “strong...

READ MORE
magazine
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