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One aggregator has ramped up its broker offering by announcing the addition of two non-major lenders to its panel.
CEO of Vow Financial Tim Brown told The Adviser that the ink has just dried on two new agreements.
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“Because of their unique offering, we’re just about to put Mortgage EZY and Teachers Mutual Bank on our lending panel,” he said.
According to Mr Brown, the Vow lending panel is “reasonably open to any lender”, so long as they have something unique to offer.
“While we don’t want every man and his dog on the panel we’ve always said if you can show us a point of differentiation that no one else can offer, then we’ll put you on the panel. And that’s held us in good stead.”
Vow brokers write around 25 per cent of business through non-major and non-bank lenders, around 10 per cent higher than the industry average, according to APRA.
“We’ve really gone out of our way to make sure we have a fairly good spread of lenders,” Mr Brown said.
National Manager at Teachers Mutual Bank Mark Middleton said this was the third aggregator the lender had become affiliated with since its breaking into the third party channel in November.
“At the time, we’d signed with eChoice and we’ve since signed with Connective as well as this new deal with Vow,” he told The Adviser.
Mr Brown said Teachers Mutual Bank had ‘really put their offering together quite nicely’ and believes the lender will be popular with brokers.
“Tim from Vow was very positive and we’re very excited about the opportunity to be working with them,” Mr Middleton said.
