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A major bank-owned lender has announced the launch of a new policy for commercial lending against mortgage broker trail books.
St George Bank announced the new initiative, which will allow brokers to fund business growth, better manage cash flow and avoid tying up personal assets like their home by borrowing against their trail books.
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Clive Kirkpatrick, mortgage broking general manager, said St George wanted to provide practical solutions for its broker partners.
"We want to continue to support brokers by helping them to grow their business using their trail book as security," Mr Kirkpatrick said.
"Whether they want to grow by buying another trail book, a new fit-out for their office or maybe they need some working capital, we want them to talk to us about it," he said.
"Our broker partners are very important to St George, with a significant proportion of loans sourced through mortgage brokers.
"We're working hard to create the best banking package to support brokers in their business and personal lives - this is just one of step in that process."
Mr Kirkpatrick said the bank would continue to invest in the broker channel, and would continue with its process improvement initiatives, product innovation and service enhancements to create positive outcomes for brokers and customers.
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