First of several deals designed to double broker numbers
A new partnership between Great Southern Bank and broker aggregator Specialist Finance Group is set to bolster the bank’s broker network.
Australia’s largest customer-owned bank said it was the first of several aggregator deals expected to be announced over coming months to achieve its aim of doubling its accredited brokers to 6,000 by the end of the year.
Great Southern Bank head of broker, Mathew Patterson (pictured above) said the deal, which would result in SFG adding Great Southern Bank to its panel, gave the bank the opportunity to connect new customers with its new brand and introduce them to its home loan products.
Read more: Great Southern Bank doubles lending to first home buyers
Patterson said the bank’s expanding broker network was part of its strategy to help more Australians own a home.
“Just a year ago, around half of our home lending was via brokers - now it’s over three quarters,” he said. “The new customers that our brokers are attracting are typically younger, which is particularly important as we look to help more first home buyers into their homes.”
A recently appointed broker engagement specialist would develop and roll out a broker marketing program to support Great Southern Bank’s expansion plans for the broker channel.
“We’re investing heavily in new technologies such as our Lendfast platform to make the home loan application process faster and more efficient for our broker partners. Our ‘time to yes’ has more than halved over the last year whilst application volumes have doubled,” Patterson said.
Read more: SFG boosts team to service east coast expansion
Electronic document signing and a fixed rate lock feature would be introduced by the bank in the coming weeks.
“As we grow, we look forward to demonstrating to the broker community that we are a genuine and credible alternative to the big banks, with competitive home loan products, great broker servicing and fast turnaround times,” Patterson said.
“SFG are known for building strong and mutually beneficial relationships with their lending partners, and we are very excited to have been added to their panel.”
SFG said the partnership would strengthen the product suite offered to its rapidly growing broker network.
SFG aggregation manager Blake Buchanan (pictured) said Great Southern Bank’s commitment and support of the broker industry, along with a product suite that leaned heavily into the first home buyer market, was a key factor in adding the bank to its lender panel.
“I’ve followed Great Southern Bank’s activity in the broker market with interest and have been impressed with the level of service and support they have provided to the industry, our shared ethos, service proposition and dedication to providing outstanding client experiences further supports Great Southern Bank being part of the SFG panel,” Buchanan said.
SFG confirmed Great Southern Bank would join its panel from 20 April 2022.
