Westpac’s focus on “best interests” of brokers

by Miklos Bolza08 Nov 2017
Standing on the back of some strong financial results including around the third party network, Westpac now has its eye on the coming year and how it can further enhance its offerings for brokers and consumers.

In an interview with Australian Broker, Westpac Group general manager of third party distribution Tony MacRae said that the bank’s focus will remain on the “best interests” of consumers and brokers especially around helping more people into the Australian property market.

“We’re proud to take a leadership position on responsible lending and will continue to build simple tools and provide education and training to make it easier for brokers to understand their customers’ needs and requirements,” he said.

Digital innovation and simplification was a key priority moving forwards, he added, with the bank constantly seeking new ways to streamline the home loan process.

“Examples of this include our automated email and SMS notifications to keep brokers informed on the progress of each loan and use of PEXA to enhance the application, lodgement and settlement process.”

The bank also launched its new broker content platforms: Ideas Hub for Westpac and Learning Lab for St George, Bank of Melbourne and BankSA.

McRae spoke to Australian Broker after the release of Westpac’s financial results yesterday which saw an increase in loans originated through the broker channel.

“We’ve seen steady growth this year with the broker channel maintaining close to half of all new lending and moderate growth in accredited brokers, in line with the market.”

Loans brought in through the third party channel represented a cross section of the Australian market including owner occupiers, investors, first home buyers as well as both upgraders and refinancers, he said.

This wraps up an exciting year in which Westpac celebrated its 200th anniversary and nabbed a number of commendations such as being recognised as Major Bank of the Year at the Australian Mortgage Awards and being voted number one lender in Mortgage Professional Australia’s (MPA’s) Brokers on Banks survey.

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