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Westpac has reinforced its commitment to broker segmentation, with the lender’s general manager mortgage broker distribution Tony MacRae unveiling the privileges that the new Platinum brokers will enjoy.
At a media luncheon in Sydney last Friday, Mr MacRae said segmentation was a “valid” business model and the bank expected the new tier that sat above its Advantage Plus to grow over time.
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“Segmentation helps us do more with our key business partners,” he said.
“These are the people that send us the majority of our business, so why not reward them.”
Mr MacRae said segmentation was not a new concept, nor was it unique to the lending sector.
“Many businesses use segmentation as a great way to build sound relationships with their key partners, we are doing the same thing.”
Westpac has remained a strong advocate of providing a tiered offiering to its brokers and this was reinforced when the lender announced its Platinum tier earlier this month.
Brokers that are part of the top tier program, Platinum, receive free full upfront valuations, direct access to support staff, 50 per cent off the monthly Australian Property Monitors’ subscription fee, 50 per cent off Domain banner advertisements and a 17 per cent saving on a subscription to Smart Investor magazine.
Mr MacRae since the top tier program was launched, the lender had received sound feedback from its broker partners.
“Many brokers are interested in being members, but there are volume and arrear requirements,” he said.
Last week Westpac was recognised as the Self Employed Lender of the Year for the second consecutive year at the 2012 Australian Lending Awards.
Stephanie Williams, head of Westpac Mortgages Product paid special tribute to the role brokers had played in helping the bank retain the coveted award.
“Westpac is very proud to win the Best Self Employed mortgage product category in the 2012 Australian Lending Awards, especially as this was voted by mortgage brokers who have access to many products across a wide range of lenders," she said.
The win reflects Westpac’s targeted and enhanced approach towards self employed borrowers, with the goal to win all of our customers business in both the SME and Commercial Segments. In a competitive market we keenly understand the importance of looking beyond price to ensure we expertly serve all of a customer’s holistic banking needs.”
