Teachers Mutual Bank has revealed plans to greatly expand its third-party business in Tasmania, which it sees as a relatively untapped market.
Mark Middleton, national manager of third-party distribution, said Teachers Mutual is currently accredited with seven per cent of Tasmanian brokers and wants to increase that to 50 per cent.
“We believe there are a lot of opportunities present for us in Tasmania, with over 12,500 people in the education sector in the state,” Mr Middleton told The Adviser.
Teachers Mutual Bank believes Tasmania is an important market but one that is often overlooked due to its size and location.
“The market at the moment is well-suited to first home buyers with record-low interest rates, excellent housing affordability levels and a government grant of $30,000 currently on offer in the state,” he said.
Mr Middleton travelled to Tasmania last week to promote Teachers Mutual and also attend MFAA and Vow Financial events.
“This trip has been very successful and is the first step for Teachers Mutual Bank’s growth in the state,” he said.
“For us, it is about creating relationships and raising awareness of our products and services.
“We offer a complete service, and Tassie brokers have shown interest in not only our home loans but also transaction accounts and other services such as our car-buying service and travel services for teachers.”
[Related: Teachers Mutual cuts two-year rate to 4.67pc]