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Lender offers brokers an olive branch and says it's time to move on

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Australian Broker | 11 Apr 2013, 08:00 AM Agree 0
Brokers have largely been wary of BOQ since the GFC, but the lender says it's time to move on
  • Shane in QLD | 11 Apr 2013, 11:15 AM Agree 0
    Rubbish. BOQ abandoned the broker market in 2004, which was years before the GFC, as their then CEO stated they do not need brokers, only their branches. To claim the GFC as the reason BOQ left the market is simply untrue and false.
  • M Nasr | 11 Apr 2013, 11:18 AM Agree 0
    For the records BOQ pull out of the Broker Market around 2004 - 2005 way before the GFC. They wanted to open up franchise branches and did not want brokers to compete with them.
  • Rach | 11 Apr 2013, 11:20 AM Agree 0
    And again...I'll believe it when I see it and judge them on their offering...
  • Country Broker | 11 Apr 2013, 11:27 AM Agree 0
    HMMM Plenty of alternatives who stuck with us through the GFC , understand they probably had no choice , will i deal with em. No unless their offer to brokers creates an ineterst.
  • Rastafarian | 11 Apr 2013, 11:28 AM Agree 0
    I don't think Brokers as a general rule have anything against the BOQ brand and it's products, they either suit or not. From my experience it has been the lengths that BOQ managers will take to retain clients which in some cases may seem to not be in the clients best interest, that may have caused some concern from brokers attempting to refinance to better deals, BOQ customers.
  • Andrew Gardner | 11 Apr 2013, 11:29 AM Agree 0
    I suggest BoQ may need to focus on brokers who entered the market after the GFC because those of us who had to fight our own way through the GFC remember very clearly how much worse some non bank lenders made our lives. It's not surprising such a high percentage of loans are referred to the likes of CBA who never wavered in their support of brokers. Those lenders that deserted us and our clients shouldn't expect us to always readily embrace them when they decide to let brokers write loans for them!!
  • Positive Broker | 11 Apr 2013, 11:32 AM Agree 0
    Lets be sensible guys. BOQ left the market 9 years ago. I say if they bring some competition to the table that's a good thing. It will be up to them to earn the business so bring it on!
  • Brisbroker | 11 Apr 2013, 11:39 AM Agree 0
    The only reason that the BOQ left the broker market was because of protest from owner managers who had paid top dollar for their branch and they felt that brokers were taking their business. Now that a lot of those branches (interstate) have gone belly up there is less requirement to keep owner managers happy, especially interstate.
  • Nicklas | 11 Apr 2013, 11:39 AM Agree 0
    It is up to brokers to decide whether BoQ make a good business partner, or if we are sceptical since:
    - they were the bank that dumped brokers BEFORE the GFC and are now lying about it, and
    - then was the first bank for 20 years to post a loss, and
    - they bought Virgin Money, who don't use brokers and dumped their homeloans - leaving their clients in the lurch.
  • Ian in Qld | 11 Apr 2013, 11:40 AM Agree 0
    BoQ needs to have realistic expectations of the level of support they will receive from Brokers. Where the majority of broker originated loans goes to the majors the slice of pie that BoQ can expect is unlikely to be much. They will have to have exceptional product, and exceptional service delivery to make any inroads into a highly competitive section of the smallest portion of the overall pie. Sorry BoQ but you can expect a lot of brokers to be waiting to see how tyou go before they risk their clients to a lender with an unproven capacity to deliver that is better than their realistic competitors.
  • John from Geelong | 11 Apr 2013, 11:45 AM Agree 0
    They remunerate their franchise holders as they would a broker. While they have this structure, the branch conflict will always be there.

    The only way they could manage this is to guarantee no claw back to brokers.....and that will not happen.
  • David | 11 Apr 2013, 11:45 AM Agree 0
    To BOQ - we have long memories of the disparaging comments you made about brokers. To win me back you have to offer something really enticing but from what I can see, your products, rates, charges and commissions are all "me too" with no real niche over lenders who stuck by us. If you can offer a superior service proposition, then maybe I will consider.
  • Brett | 11 Apr 2013, 11:52 AM Agree 0
    Not convinced after reading the above media release that they are being entirely honest about a third party "relationship". Can't wait to see how they intend to win back brokers who already have sufficient choice in the market.
  • KP WA | 11 Apr 2013, 11:55 AM Agree 0
    When they took over Home Building Society the chiefs from Qld visited broking companies pledging their committment as it was a huge source of business for HBS the following year they pulled out got rid of most of the staff in WA and branhes/franchisees continue to give brokers a hard time when clients want to refinance - use them NO THANKS!
  • Melbourne Broker | 11 Apr 2013, 12:02 PM Agree 0
    I agree with Shane. The previous CEO of BOQ David Liddy did not see a need for brokers at all, particularly as they were going down the route of franchise branches. He was not backward in coming forward and
    made consistent disparaging remarks about the broker channel. Whilst it would be great to have more competition in the market, I can't see BOQ providing it.
  • OzBoy | 11 Apr 2013, 12:38 PM Agree 0
    The reality is that BOQ pulled out of the market YEARS before the CFG (why is that the CFG gets the blame for everything?) with a condescending message via the media from their CEO.

    BOQ wants us to get over it by telling us untruths.

    Lets face it BOQ if you are not going to be truthful not willing to put your spokesman's name out there then save your money and stay out of the broker market, it won't work concentrate on the court cases from your franchisee's who bought a lemon and the "Storm" that is engulfing you, let alone make a profit.

    While I am all for competition I can't see how BOQ could provide any, speak to anyone that works there and ask about their systems and you will find out that they can't cope now let alone if 2 brokers gave them a deal each.
  • BJ | 11 Apr 2013, 12:45 PM Agree 0
    If BOQ is following the forum feedback, they could start with the so called ”Olive Branch” and stop with the “but a BOQ spokesperson who wished to remain anonymous”.
    And they are serious, with the cloak and dagger approach!
  • 1martym1 | 11 Apr 2013, 01:04 PM Agree 0
    Ha ha ha. We are not nearly as dumb as you think anonymous, I think the rest of the market participants understand this. Liddy practically waged war on us in the press for years from 2004 -5 onwards. Until your current CEO comes out as does the opposite and gets some positive air time for brokers to comepensate for the years of abuse....two words.... forget it. ps glad im not a BoQ franchisee.
  • Melb broker | 11 Apr 2013, 02:27 PM Agree 0
    There is no way I would place any of my clients with BOQ. I have seen them approve loans that I would not even consider lodging. I wonder how clean there loan book really is. Not for me!
  • Broker | 11 Apr 2013, 02:40 PM Agree 0
    I used to like olives , but I now don't !

    BOQ would want to offer an extremely compelling offer , along with an equally compelling service offer and a really decent commission , all extremely unlikely I'd reckon.

    Best of luck winning Brokers over BOQ, you will certainly need it..
  • Yep! | 11 Apr 2013, 03:38 PM Agree 0

    Took a punt on applying to BOQ on my own mortgage as I managed to haggle a sweet deal... after weeks of waiting and extremetly frustrating service I ended up taking the deal elsewhere and getting it approved within days. I'd like to have taken to BOQ with an olive branch alright!! Would hate for one of my customers to go through the same.
  • Chris Szigeti | 11 Apr 2013, 03:38 PM Agree 0
    Too little too late - can only see problems with the major one issue being channel conflict.Nice to see brokers sticking together and not dealing with lenders who have short memories - still remember CBA putting full page adds in every major city news paper saying deal direct with them and not a broker !!.
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