Mortgage Choice promotes alternatives to big four

by BN04 Jun 2009

Non-bank lenders and second tier banks are being given a leg up by Mortgage Choice with the franchise group urging its network to consider alternatives to the major banks.

The AFR reported that a circular sent out by Mortgage Choice invited brokers who may be frustrated with lender turnaround times to attend a workshops presented by mortgage providers outside of the Big Four.

Lenders invited to speak at Mortgage Choice workshops in June include ING Direct, Homeloans Ltd, AMP and FirstMac.

Mortgage Choice CEO Michael Russell said the next round of workshops were focused on lenders with "clean pipes who are best equipped to handle an increase in volumes".

Besides boosting lending competition, the writing of greater business through non-bank lenders would reduce Mortgage Choice's reliance on revenue from the major banks which have cut commission and frustrated brokers with slow turnaround times and complex payment models.

Non-bank lenders have to date not cut their commission rates.

Will you be attending any of these workshops? Send in your thoughts to

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