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Major vows push for mortgage book expansion

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Australian Broker | 06 May 2013, 08:00 AM Agree 0
One of the big four has announced plans to push for mortgage growth to fend off flagging market share
  • Brisbroker | 06 May 2013, 11:17 AM Agree 0
    Flagging market share may have something to do with highest SVR, lowest UF comm rate and biggest channel conflict. I would assume they would be addressing these 3 areas in their effort to increase market share?
  • Keith B | 06 May 2013, 11:19 AM Agree 0
    A review of the commission payments would go a long way to goal achievements!

    Westpac were of course the first to cut commisisons during the GFC and didnt care too much about the impact to its 3rd Party Channel and survival of their loyal referrers!
  • Wozza | 06 May 2013, 11:20 AM Agree 0
    Worst interest rates, worst commission rates - now that's a great combination to build your business from!!
  • PeterT | 06 May 2013, 11:20 AM Agree 0
    Westpac is reasonably compeditive for the low end of the market as indicated. What they're hiding is that that it's at the cost of existing customers not getting the 1% discount.
  • Greg of Perth | 06 May 2013, 11:22 AM Agree 0
    Too may brands equals too many cooks in the kitchen, perhaps may cause confusion over many aspects from pricing to product range and availability?
  • Barney | 06 May 2013, 11:25 AM Agree 0
    Well they were the first bank to cut brokers commissions and are still probably the worst paying.
    So until they sort that out I cant see why brokers would support them.
    It's not as though their pricing, products or service are anything special or not accessible elsewhere!
  • Broker | 06 May 2013, 11:25 AM Agree 0
    Well that will certainly be a task if they are relying on Brokers....
  • Sydney Broker | 06 May 2013, 11:27 AM Agree 0
    Well they were the first bank to cut brokers commissions and are still probably the worst paying.
    So until they sort that out I cant see why brokers would support them.
    It's not as though their pricing, products or service are anything special or not accessible elsewhere!
  • Moonae | 06 May 2013, 11:55 AM Agree 0
    Is it that time already? Like clockwork, deliberately trash the broker distribution channel to the ground for a few years then when you feel like it turn the loving on again and tell brokers you hear us and our concerns and we want to win you back. It is quite tedious really. Watch now as CBA drops the ball and targets its margin and takes on the bad cop position as Westpac emerges again. The banking oligopoly strikes again.
  • Perth Broker | 06 May 2013, 11:58 AM Agree 0
    Worst service of all the lenders; terrible commission rates; high interest rates; third party channel conflict - need I say anymore.

    Look inside their own backyard before they start appealing to the brokers to help grow their business - remember these are the same broker they virtually told to get lost in 2009.
  • Terry | 06 May 2013, 11:59 AM Agree 0
    I think Westpac is getting what it pays for from brokers. Until that changes expect more of the same.
  • noelene | 06 May 2013, 12:01 PM Agree 0
    haven't been accredited with them for years due to the fact they want us to keep paying for accreditation and the above.
  • Mark Perth | 06 May 2013, 12:05 PM Agree 0
    Westpac actively try to poach our clients after settlement, worst commisssons, rates not flash I certainly use them as a lender of last resort as do my team, they need a complete turnaround of thier strategies towards Brokers to gain any business out of my office
  • Perth Broker | 06 May 2013, 12:31 PM Agree 0
    Worst service of all the lenders; terrible commission rates; high interest rates; third party channel conflict - need I say anymore.

    Look inside their own backyard before they start appealing to the brokers to help grow their business - remember these are the same broker they virtually told to get lost in 2009.
  • Aspire Lending | 06 May 2013, 12:36 PM Agree 0
    What about the Manila hotline, even India puts them to shame!!
  • Monty of Perth | 06 May 2013, 01:46 PM Agree 0
    Too many brands. Look at NAB with about five all competing or trying to and the result is undercutting just to write business. Poor strategic effort really.
    Maybe Westpac should lift their offering to Brokers to match others making a level playing field or are they that sure business will just be given to them by the Third party channel.
    Not too sure about that one.
  • King Wally | 06 May 2013, 02:34 PM Agree 0
    Agreed, just like NAB too many brands all working at the margin. It has been a very "scatter gun" approach, in the main WBC is the biggest player in the offshore borrower markets, they've missed mainstream the past 2 years.
  • Greg of Perth | 06 May 2013, 02:35 PM Agree 0
    Agree with you Monty.
    Too many brands and non that really appeal. Strategic blunder me thinks.
  • NP | 07 May 2013, 11:50 AM Agree 0
    Until Westpac revises it's commission AND clawback policies then they deserve to be shunned by the 3rd party channel. All take and no give makes Westpac a lender of last resort for my business
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