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Bank to close branches, take on more brokers

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Australian Broker | 18 Nov 2013, 08:00 AM Agree 0
In a recent strategy update, one non-major announced it will close branches while simultaneously taking on more mortgage brokers
  • Old Joe | 18 Nov 2013, 10:11 AM Agree 0
    Good old David Liddy, hated third party business and now they wake up and find that its not only good business but also profitable and YOU ONLY PAY FOR LOANS that SETTLE....unlike the branch where you are paying people to have lunch , coffee breaks and zoom out at 5PM.
  • overtheborderbroker | 18 Nov 2013, 10:23 AM Agree 0
    No way!! I have not forgotten how BOQ treated the broker channel with absolute disdain a number of years ago in favor of their own franchise network who apparently were far more skilled in writing loans than us. You reckon they won't pull the same stunt again once we've loaded up their books? Remember it's a franchise model and the franchisees have to write the business to get effectively remunerated. Karma dude...
  • Kay | 18 Nov 2013, 10:23 AM Agree 0
    This is good news for clients who can now access another lender via their favourite broker. BOQ was one of the few lenders brokers did not have access to. We can only hope BOQ, does not follow the NAB route and provide less than a professional service to the third broker channel, while offering a wider range of products through their branches.
  • Country Broker | 18 Nov 2013, 10:46 AM Agree 0
    HMMM < It looks like the franchise model / and kiosks in Shopping centres in Qld and suburban Australia may not have worked as well as they have liked. Wonder how the franchise owners feel about this . This was the bank who after The GFC walked away from brokers ? They seem confused !
  • Paul Evans | 18 Nov 2013, 10:49 AM Agree 0
    Great to see another bank re-enter the mortgage broking market. With brokers enjoying a growing market share and increasing customer bases it makes sense to play in that space.
  • Michael | 18 Nov 2013, 11:04 AM Agree 0
    Does the term "Fairweather Friend" ring a bell?
  • KP WA | 18 Nov 2013, 12:39 PM Agree 0
    My o my a few years ago when they took over HBS in WA they were going to stick with the Brokers as it was a big part of business generation then some months later they dropped the brokers and got rid of the local staff which was probably the most efficient broker processing team going at the time. Refinancing from BoQ is a long and frustrating process dealing with their branch staff who don't cooperating with clients wishes and drag it out as long as they can I wonder if that will change?? They still have the franchise model so I don't think their attitude will change toward Brokers - not for me!
  • Broker | 18 Nov 2013, 05:49 PM Agree 0
    How the tide turns, gee they're a confused lot at BOQ
  • David | 19 Nov 2013, 04:02 AM Agree 0
    Would you want to do with a bank which can't do basic mathematics? A look at Westpac's website shows they have over 1,200 branches and the BOQ website say they have just 290. How is this "a third of the size of Westpac's network", it is much closer to a 1/4!!!
  • Phil in Finance | 19 Nov 2013, 01:23 PM Agree 0
    What I found fascinating is the suburban Ringwood Victoria branch is "merging" with the Mornington branch!! For those not in Melbourne, it is not even a suburb and certainly there are other local branches much closer (for the moment). Not ideal for their clients (or the staff).......
  • MelbBroker | 19 Nov 2013, 03:01 PM Agree 0
    Yeah, right, BOQ. None of us recall the incredibly shabby way we were treated when the franchised branch model was being rolled out. I would be very interested to know if they have since improved their back office to the point where they now actually register a mortgage on securities.....
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