Mortgage brokers have driven an upswing in branded home loans for ING
Direct, with the channel behind nine out of 10 settlements.
Having largely completed the sale of its white label mortgage portfolio, non-major lender ING
Direct focussed on growing branded mortgages, achieving a 10.8% increase in the 12 months to 31 December 2015.
Direct head of third party distribution, Mark Woolnough
said brokers were behind 90% of branded mortgage settlements.
“Mortgage brokers are absolutely critical to our business, responsible for nine out of every 10 ING
“We’ve been working with brokers for more than 16 years and we continue to nurture these relationships with great value-driven products and fair and transparent remuneration.”
Woolnough said he believes broker market share will continue to climb across the industry at large.
“I’m confident the broking channel will continue to grow beyond its current 52% market share, as its role in driving consumer choice and value is increasingly recognised across the industry.”
Direct also reported a 17% lift in its commercial portfolio over the year.
“The appetite for commercial property is definitely growing, and we see a huge opportunity not only for our business, but for investors and for brokers, diversifying risk and sustainably building business,” Woolnough said.
Total mortgages were up 2.6% to $39.8 billion and net profit after tax (NPAT) increased 6% over the 12 months to 31 December 2015, to $314.7 million.