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Thousands of LMG brokers are now able to offer Bendigo Bank-branded mortgages for the first time, as the lender completes its aggregator onboarding.
Australia’s largest aggregator has welcomed Bendigo Bank Broker to its lending panel, making Bendigo Bank-branded home loans available to its 6,000 brokers for the first time.
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The move concludes the onboarding of aggregators to the Bendigo Bank brand following the retirement of the Adelaide Bank brand (previously Bendigo and Adelaide Bank’s brand in the broker channel) as part of the lending group’s ongoing “transformation journey”.
With the retirement of the Adelaide Bank brand, Bendigo Bank Broker is now the banking group’s flagship offering for mortgage brokers across the country.
Finsure Group was the first aggregator to onboard the Bendigo Brand and trial its new platform and products, after launching with it in November 2023.
Since then, thousands of more brokers have been able to access Bendigo Bank Broker from nine aggregators, including Mortgage Choice, Specialist Finance Group, outsource Financial and – most recently – Yellow Brick Road Aggregation, National Mortgage Brokers (nMB), Astute Financial Management (Astute), and Custom Equity Group.
Commenting on LMG’s onboarding of Bendigo Bank Broker, David McQueen, LMG’s group executive for strategic partnerships, said: “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.”
The Bendigo Bank Broker is particularly focused on providing a swift offering for brokers, underpinned by its new Lending Platform and centred on the bank’s ‘digital by design, human when it matters’ approach.
According to the lender, its median time to conditional approval has been under six minutes since the trial began in November, while its time to unconditional approval is four days. This is believed to be more than twice as fast as the Adelaide Bank experience.
Darren Kasehagen, the general manager of third-party banking at Bendigo Bank, said: “We are very encouraged by what we have seen since the trial began, with the number of applications exceeding our expectations since launch in late 2023, with the majority of applications receiving conditional approval in minutes.
“The team behind the scenes here at Bendigo Bank have done a remarkable job with onboarding these aggregators in just nine months and we’re excited to offer our third-party customers a full suite of Bendigo Bank products.
“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.”
You can find out more about Bendigo Bank Broker and its plans for the broker channel in this Q&A and podcast with the bank’s head of broker distribution Natalie Sheehan:
[Related: Bendigo looks to broker growth with new lending platform]
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