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HSBC signs distribution agreement with broking platform

by Reporter4 minute read
HSBC

The non-major has announced a partnership with an Australian mortgage broking platform as part of a push to broaden access to its credit products via the third-party channel.

HSBC Australia has signed a distribution agreement with online home loan platform Lendi as part of a strategy to expand its footprint in the Australian mortgage market.

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Commenting on the new arrangement, Alice Del Vecchio, head of distribution for retail banking and wealth management at HSBC Australia, noted the contribution of the broker channel in the growth of the bank’s Australian mortgage business.  

According to the latest statistics from the Australian Prudential Regulation Authority (APRA), HSBC’s mortgage portfolio has increased by $1.8 billion in the three months to 31 July 2019, from $17.8 billion to $19 billion.

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“Mortgage brokers have generated a significant proportion of our new home loans since 2017, when we signed our first broker partnership,” she said.

“Our competitive interest rates and ability to deal with complex client scenarios have been two of the factors underpinning the success we’ve had with brokers and customers alike.

“We’ve become a significant lender for each of our broker partners, and we have the same expectation for our new partnership with Lendi.”

Following the announcement, David Hyman, Lendi’s co-founder and managing director, added: “We work with thousands of borrowers every week to make sure they have access to the best home loan products available to suit their needs, and we’re thrilled to have HSBC join our panel of more than 37 lenders.

“We’re confident customers using Lendi’s online platform – whether they’re looking to get on the property ladder, considering an investment property or refinancing to help pay for renovations – will benefit from now having access to our range of home loans.”

[Related: Bank of China revamps lodgement process to boost broker access]

HSBC signs distribution agreement with broking platform
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