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A non-major bank has celebrated a milestone, reaching $1 billion worth of home loan applications and $640 million in settlements in November and attributing its solid results to the third-party channel.
ME celebrated reaching $1 billion worth of home loan applications and $640 million in settlements for the first time last month, the same month that its broker arm turned five years old.
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Commenting on the result, ME general manager of broker sales Lino Pelaccia remarked that it was partly due to the assistance of brokers.
“Despite only entering the broking market exactly five years ago, the broker channel already provides over half of ME’s home loan sales,” Mr Pelaccia said. “Brokers are critical to ME’s growth plans so we’re continually adding [to] and improving our broker service.”
Mr Pelaccia emphasised that to strengthen its partnership with the broker channel, ME recently introduced desk-based relationship managers available during business hours for new-to-bank brokers, bolstered by its BDM support team. It also established a credit quality team to improve the process of notifying brokers regarding an application’s paperwork.
“Furthermore, we’ve refreshed our home loan pricing structure based on LVR and loan size, effectively tripling our pricing options,” he said.
Mr Pelaccia noted that a significant service change will occur in 2017 when ME launches its online broker portal.
“The portal will let brokers access clients’ home loan accounts so they have more control and information about clients, both pre- and post-settlement,” he explained.
[Related: Brokers ‘critical’ to ME’s growth plans]
