ANZ will expand its premium service to brokers who provide the bank with the highest quality business
ANZ TO TARGET TOP BROKERS
ANZ WILL expand its premium service to brokers who provide the bank with the highest quality business. ANZ’s Brad Gravell told The Adviser that all lenders segmented their brokers to one degree or another. The move comes as the lending industry is engaged in a fierce debate around the pros and cons of lender segmentation. “We run a premium broker proposition for the brokers that provide us with high volumes,” Mr Gravell said. “We are expanding this program over the coming year and looking to get more brokers on board so that they too can enjoy superior service, including faster turnaround times and better credit support.”
RESIMAC LAUNCHES NEW SPECIALIST OFFERING
RESIMAC HAS unveiled a new simplified offering in a bid to assert its dominance in the specialist lending space. Changes include unlimited cash out to 80 per cent LVR across its three specialist products, and simplified borrower credit classification. Maximum loan amounts and maximum LVRs have been increased. A rate discount for continued good loan conduct will remain in order to reward borrowers and improve retention. “RESIMAC understands that all borrowers are different and therefore does not take a one-size-fits-all approach,” said RESIMAC’s chief operating officer Allan Savins.
ST. GEORGE LIFTS RATES
ST. GEORGE in February lifted the bank’s standard variable rate mortgage by 12 basis points to 7.41 per cent. “It’s important for the Australian economy and for our customers that as a business we remain strong, particularly in an unstable economic environment. To support this, we’ve made the difficult decision to increase our standard variable home loan rate,” St George’s chief executive Rob Chapman said.
MKM CAPITAL OFFERS NEW PRODUCT
MKM CAPITAL has introduced a new non-coded product ‘MKM Private’ to complement its existing product suite. MKM Private offers 25-year terms and capacity to pay confirmed by an accountant’s declaration. MKM Capital’s operations and marketing manager Michael Watson said the lender had been looking to overhaul its product suite. “We want to become the foremost non conforming lender,” Mr Watson said.
SEGMENTATION A VALID MODEL: WESTPAC
WESTPAC HAS reinforced its commitment to broker segmentation, with the lender’s general manager, mortgage broker distribution, Tony MacRae, unveiling the privileges that the new Platinum brokers will enjoy. At a media luncheon in Sydney in February, Mr MacRae said segmentation was a “valid” business model. “Segmentation helps us do more with our key business partners,” he said. “These are the people that send us the majority of our business, so why not reward them.” Mr MacRae also said segmentation was not a new concept, nor was it unique to the lending sector.
CUA RE-ENTERS BROKER CHANNEL
CREDIT UNION AUSTRALIA (CUA) has started distributing its mortgage products via Smartline and Mortgage Choice brokers. CUA’s group general manager, distribution, Darren Northey, said the lender has been looking to re-engage with the broker network for some time and the move will help ensure its home loans are even more widely available. “Given around one in four homebuyers seeks out a home loan via a broker, CUA’s re-entry into the network means we will be expanding the reach of our products to a greater potential audience,” Mr Northey said. “Not only does this give more Australians the opportunity to access our highly competitive products and rates, it also supports our long-term growth strategy.”
Broking groups have presented a unified front in their appearance...
The government will introduce broker remuneration reforms and a n...
The broking industry should be embracing open banking, as its the...