Lender’s broker push falls behind schedule

by Miklos Bolza10 May 2017
HSBC’s push back into the Australian mortgage broker market has been delayed with current progress failing to meet previously announced deadlines.

First revealed at the end of November last year, the bank intended on completing this move by April this year. The push was headed by Alice Del Vecchio, head of mortgages and third party distribution at HSBC.

According to sources talking to the Australian Financial Review column Street Talk, the bank has missed the original April start date and will not be writing loans via the third party until May in most states and in mid-June in New South Wales.

Almost no details have emerged as to why the process has fallen behind schedule.

“HSBC’s plans to re-enter the mortgage broker market are on track, but we are unable to confirm any more information at this stage,” a spokesperson told Australian Broker.

The bank has not offered loans through the third party channel after selling its broker-originated loan book to non-bank lender Firstmac in 2006. At the time, the book had a total value of $2.26bn and contained more than 10,000 customer accounts.

Since 2006, HSBC has continued to accept home loan applications from customers coming directly to the bank.

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