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Staff Reporter
Heritage Building Society has unveiled its plans to use the broker network to drive greater mortgage business to the lender.
The lender’s chief executive officer John Minz said Heritage is determined to grow its market share over the coming 12 months and believes the broker channel is the best avenue to target to ensure everything goes to plan.
Mr Minz also said the lender’s decision to ramp up its position in the market will coincide nicely with its planned name change to Heritage Bank.
“The fact is that a lot of people just don’t understand what the term ‘building society’ means. It doesn’t reflect the role that Heritage plays today and it doesn’t resonate with potential customers,” he said.
“That’s particularly true outside our heartland in Queensland.
“We offer fantastic products and services at very competitive rates, but many people just don’t understand what we are all about.
“We believe that the new name of Heritage Bank will definitely put us more on the radar of potential mortgage customers and make it easier for brokers to explain our excellent mortgage loan proposition.”
Heritage launched a new Discount Variable home loan product in August, featuring an ongoing discounted interest rate of 6.85 per cent (as at 20 September) and no monthly administration fees.
Mr Minz said Heritage had also recently joined the panel for VOW Financial and Connective OSN Pty Ltd, in addition to its existing broker partners.
"Heritage has an enviable reputation for our products and services. We focus on providing fair pricing, good value and an overall better deal in all of our products.
"With a planned name change, very competitive products and wider availability, we aim to generate significantly greater growth through our broker partners," he said.
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