the adviser logo

Profitable lender promises better back-end support

by Nick Bendel10 minute read
The Adviser

Wide Bay Australia has promised brokers will get new loan consultants and better technology, after delivering strong financial results.

The building society reported a $14.1 million profit for the 12 months to 30 June 2014 – up 16 per cent on last year’s underlying result and 473.4 per cent on last year’s headline result.

Revenue fell 12.9 per cent to $144.4 million, while home loan approvals jumped 24.3 per cent to $414 million and the loan book slipped 0.2 per cent to $2.2 billion.

Wide Bay’s third-party general manager, Charlton Nevis, said brokers can expect Wide Bay to increase its loan support team in 2014/2015, with one new consultant added earlier this month.


Mr Nevis also told The Adviser that Wide Bay would launch a new loan origination platform early next calendar year that would deliver “speed and ease” to brokers.

“Our core banking systems will also be enhanced to deliver better process,” he added.

Almost 40 per cent of Wide Bay’s home loan approvals in 2013/2014 came via brokers, Mr Nevis said.

“We expect to generate 40 per cent of total approvals from this channel in this current financial year, and we are absolutely on track to achieve this,” he said.

Mr Nevis said one of the key parts of Wide Bay’s three-year strategic plan, which was initiated 16 months ago, was to grow its presence and market share in the broker channel.

“Every change or new process that we implement in our channel is intended to support the broker’s own proposition and their commitment to their customers,” he said.

“This is another key point of difference that we offer as we will always respect the relationship between the broker and their customer.”

[Related: Wide Bay calls for fair mortgage competition]

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