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Less than a month after ME Bank announced it would enter the third party distribution space, the lender has revealed its first aggregator partner.
Effective immediately, National Mortgage Brokers will start distributing ME Bank's products through its broker network.
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"We are impressed by National Mortgage Brokers' enthusiasm for ME Bank's home loan products, believing that ME Bank's home loans will offer a new level of competitiveness in an already competitive market," ME Bank's group executive, brand, product and distribution Ian Hendey said.
"Our research found that that more than half of our target market of industry super fund and union members would contact a mortgage broker for their home loan needs.
"ME Bank's home loans are some of the best in market for our customers and we want to expose their competitiveness to the widest possible market. All our products are uncomplicated. They're simple, easy-to-use and totally transparent. Customers know what they're getting and know that they can trust ME Bank.
"It is not simply that ME Bank's home loan standard variable interest rate for industry super fund and union members has been lower than the major banks' every month for the last ten years – but low fees and our strong offset facility are other major points of difference between ME Bank and the major banks."
According to Mr Hendey, the product offering will match what the lender currently offers to members of industry super funds and unions through its customer service.
National Mortgage Brokers' managing director Gerald Foley said that the negotiated distribution agreement allows ME Bank to make its products available to the estimated 40 per cent of new borrowers who currently use a broker.
"Our network relationship will also deepen ME Bank's accessibility into areas where it may not have strong representation today," Mr Foley said.
