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Building society to take on big bank segmentation

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Australian Broker | 21 Feb 2014, 07:44 AM Agree 0
One of Australia's largest building societies has vowed to take a new approach to the broker channel, avoiding the 'big pit' of the major bank processes
  • marty mcdonald | 21 Feb 2014, 01:32 PM Agree 0
    I don't want to be too negative but if Widebay want to get serious they need to make the application documentation easier for their brokers and customers. The supporting docs checklist is way OTT compared to the market norms.
  • Positive Broker | 24 Feb 2014, 08:04 AM Agree 0
    Couldn't agree more with Marty. I only used Wide Bay as a last resort, mainly due the ridiculous supporting doc requirements. Anyway, the Sydney office is closed down so without BDMs on the ground they will face an uphill battle.
  • marty mcdonald | 24 Feb 2014, 02:45 PM Agree 0
    To be fair I actually received a phone call this morning from Wide Bay and they updated me to the fact that they have had an overhaul of the document requirements. However I just went to applyonline and created a new application, hit print for the doc checklist and it is still showing the very OTT list of requirements such as 6 months savings statements on all deals, 3 months statements every credit card (even if not refinancing) etc. So not sure if this has flowed through to the agg's.
  • Peter Giess | 28 Feb 2014, 11:58 AM Agree 0
    Hi Marty, there has been an overhaul of the document checklist, we will check the apply online to see why the checklist is not updated. Effectivly all we require is 6 months statements for mortgages being refinanced, 3 months for all other debts being paid out, and 1 months statements for debts not being refinanced, and 1 months transaction statements. we are happy to send a copy of the current checklist in need. Peter Giess, Broker Loans Consultant, Wide Bay Australia
  • Peter Giess | 28 Feb 2014, 12:02 PM Agree 0
    Hi Positive Broker, We are now operating a national based BDM structure from out Brisbane Office, we will be visiting each state on aquarterly basis, or more often in need. As we are primarily office based, we are available to take your calls when you ring.
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