Largest broker network gains access to bank's branded mortgages
Bendigo Bank Broker, the flagship offering for mortgage brokers under Bendigo Bank, has successfully concluded its onboarding program with the addition of Australia’s largest aggregator, Loan Market Group (LMG).
Loan Market was named as Australia’s Top Aggregators in Brokers on Aggregators award. Read all the winners here.
This marks the first time LMG will be able to offer Bendigo Bank branded home loans.
The onboarding program, which began in November 2023, follows the retirement of the Adelaide Bank brand. Bendigo Bank Broker is underpinned by the bank’s new lending platform, which emphasises a “digital by design, human when it matters” approach.
The platform also offers customers a broader selection of simple and flexible home loan products, alongside access to the full range of Bendigo Bank’s services and enhanced e-banking facilities.
Bendigo Bank said the median time to conditional approval since the trial began in November was under six minutes, while the time to unconditional approval was four days, more than twice as fast as under Adelaide Bank.
According to Darren Kasehagen (pictured above left), general manager of third-party banking at Bendigo Bank, the addition of aggregators including LMG signalled the platform’s growing success.
“We are very encouraged by the results since the trial began, with application numbers exceeding expectations,” Kasehagen said. “Most applications receive conditional approval within minutes.”
“Bendigo Bank Broker is for brokers who want better. We combine strong business relationships and enhanced digital processes to deliver a broker-focused, service-driven platform for brokers across the country. We’re committed to being there for our brokers – so they can be there for their customers.”
David McQueen (pictured above right), group executive for strategic partnerships at LMG, expressed enthusiasm for the new partnership.
“Bendigo’s strong and trusted brand recognition, and range of products, will further strengthen our lender panel and enable brokers to provide their clients with even more choice and support,” McQueen said. “This will enable brokers to offer clients even more choice and support.”
Other aggregators welcome Bendigo Bank offering
Aggregator outsource Financial, which joined the Bendigo Bank lender panel in April, were high supportive of the partnership.
“The onboarding process of Bendigo Bank has delivered a positive first impression for our brokers,” outsource Financial CEO Tanya Sale said.
“The communication and approach that was delivered clearly proved that their expertise and dedication to ensuring a streamlined process was met.”
Sale said the partnership with Bendigo Bank would undoubtedly benefit outsource Financial broker members, which also would then benefit their clients having further access to high-quality lending options.
outsource Financial was named as Australia’s Top Aggregators in Brokers on Aggregators award. Read all the winners here.
