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Brokers return fire at ING Direct

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Australian Broker | 20 Jul 2011, 06:00 AM Agree 0
Brokers have reacted with a litany of complaints over ING Direct's service proposition, following “veiled threats” in the second tier lender's latest communication
  • Todd Hunter | 20 Jul 2011, 12:22 PM Agree 0
    Must say that i agree... I have no idea of even who my ING BDM is???
  • Baybroker | 20 Jul 2011, 12:32 PM Agree 0
    I am hoping that ING reacts positively to the comments and concerns made as they are all legitimate concerns from a brokers point of view. The powers that be realy need to sit up and listen to this and the feedback given, to not do so will see them continuing to slide down the list of preferred lenders.
    The fact that such a large lender still deals only in fax applications is beyond me. The last deal I did with them took over 21 working days to become unconditional and it was squeeky clean. Bad news is, I have another client here that has selected them, now I have to go through it all again. At least this time I knew to warn the client upfront.
  • PMastro | 20 Jul 2011, 01:33 PM Agree 0
    To Baybroker- if my squeky clean loan took 21 days for unconditional It would seem something would be astray somewhere in the processing at either end. I have never had any issues with ING with loans taking this long, and always followed up if there was any delays to see what needs to be done. Repeat , If we as brokers dont support the other tier lenders then all I have to say is good luck for the future. May be better playing roulette, as the odds are the big four will end up screwing the broker market.
  • Ray - Perth | 20 Jul 2011, 02:42 PM Agree 0
    Funny is like Todd me and my team dont know our ING BDM and seldom if ever get any emails or advices. Its alsmost as if they have gone to sleep.

    I used to write a lot of business with ING but their policies are the toughest of all the top 5 and their service n the processing area leaves a lot to eb desired.

    If ING match the big 4 policies and their service was similar, I would have no hesitation to send as many deals their way as I can as most my clients would prefer to move away from the big 4 anyway
  • Alfred-Sydney | 20 Jul 2011, 07:56 PM Agree 0
    I have been writing loans with various banks for over 15 years, and in relation to ING close to 10 years. The point being made by Lisa has in my opinion been lost by many brokers. She is stating that there is the danger of concentration risk for the broker community, if it continues to support the major banks.
    If we keep unnecessarily supporting the major banks what happens to competition within the market, and more importantly if one or more of the major banks decides to reduce commissions, many brokers will not have a working relationship with other banks.
    ING has very competitive products in terms of features and interest rates, both residential and also commercial property loans. My BDM is very knowledgeable and treats me and my clients with respect. More importantly banks like ING are broker channel focussed, and hence there is no chance of the local branch manager stealing your client. The latter point is important particularly in this current environment.
  • Don | 21 Jul 2011, 08:00 AM Agree 0
    ING also has become less attractive with their conversion rate issue. Particularly when you fail due to their very restrictive current policies.
  • Ray - Perth | 21 Jul 2011, 12:10 PM Agree 0
    OK,if ING says it has improved its service level, then for sure I will give them a try again. I dont like giving too much business to the big 4. They have proven time and time agan oer the pst decade that they will sink their teeth into us (brokers) at any opportunity and then come back crawling when it site them. The big 2 being the worst culprits for this. I am all for supporting the smaller lenders if their proposition is good.
  • Daniel Son | 21 Jul 2011, 01:16 PM Agree 0
    I also have no idea who my BDM is because they cut my accreditation. I am a single operator business so it is difficult if not impossible to meet all lenders volume requirements. I did use ING however obviously not enough, and would still like to use ING. How can they winge about brokers not using them when there's a heap of reputable brokers in the market they wont allow to use them.
  • ING DIRECT | 21 Jul 2011, 02:03 PM Agree 0
    As the Head of Broker Distribution at ING DIRECT I have followed the various discussions with interest.

    Although not all discussion has been complimentary of ING DIRECT we have certainly been buoyed by the passionate responses in which the message to us is clear. Brokers want to support us and understand the importance of the non-major lender presence in this channel however it is up to ING DIRECT to ensure our value proposition aligns to broker and customer expectations.

    My contact details follow:

    mark.woolnough@ingdirect.com.au

    0411 659 382

    I would be happy to talk through your concerns and listen to your feedback and arrange for a member of our sales staff, be it State Manager and/or Business Development Manager to meet with you should you so wish.



    Regards

    Mark Woolnough

    ING DIRECT
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