Brokers behind almost two thirds of non-major mortgage book

by Julia Corderoy12 Feb 2016
Suncorp Bank has increased its home loan book by more than 8% with mortgage brokers responsible for almost two thirds of the non-major’s total portfolio.

Suncorp’s home loan portfolio grew 3% to $43 billion in the six months to December 2015, according to the bank’s first half year results, and grew by 8.2% over the 2015 calendar year.  

According to an ASX release on the results, the non-major credits the strength of its third party channel in achieving solid growth in a competitive environment. 

“Home lending grew 3% over the half, with strong intermediary relationships resulting in 60% of new business originating outside of the traditional Queensland market.”

Mortgage brokers are responsible for 63% of Suncorp’s $43 billion mortgage book, leaving its direct branch channel behind 37% of home loans settled.

Suncorp holds 2.9% of the total Australian mortgage lending market, which is now worth $1.4 trillion. 

Looking at the next six months the non-major said its focus “remains on building the bank’s technological capabilities to improve digital online loan processing”.