After months of speculation that the Bank of Queensland (BoQ) is gearing up to re-enter the third party distribution space, the lender has confirmed it has made significant inroads in this area.
Last week, the lender confirmed to The Adviser that it had created a new role in the bank which would directly look after brokers.
Brad Rockwell has been appointed to the newly-created position of head of third party distribution and is said to be “pulling together a dedicated team to serve the broker”.
Mr Rockwell brings a wealth of experience to the new role, having previously held positions with Westpac in the third party distribution space.
Speaking about the appointment, Mr Rockwell said he was attracted to the role because it provided him with the opportunity to build the channel from the ground up.
“BoQ is taking a strategic approach to its re-entry into the broker market. We’re not jumping in blindly,” he said.
“We’re building an exciting proposition for brokers and a product offering to complement it.
“BoQ will commence a pilot program in WA in the next couple of months and assess that before taking it wider to other states and territories.
“BoQ is in a unique position because we are truly independent. We’re not owned by a major bank, so we’re giving brokers a genuine choice.”
Currently, more than 40 per cent of people in the market for a home loan use a mortgage broker and this trend is increasing.
“Given BoQ has no share of the mortgage broker market, this is an exciting growth opportunity for the bank and we’re determined to get it right,” Mr Rockwell said.