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ISCOVER
Staff Reporter
Three months after signalling its intentions to enter the third party distribution space, one of Australia's biggest mutuals has joined two of Australia’s biggest brokerage groups.
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Yesterday, Credit Union Australia announced it would start distributing its mortgage products via Smartline and Mortgage Choice brokers.
CUA’s group general manager distribution Darrin Northey said the lender had been looking to re-engage with the broker network for some time and the move will help ensure its home loans are even more widely available.
CUA’s products will be available from the 1st March, 2012.
“Given around one in four homebuyers seeks out a home loan via a broker, CUA’s re-entry into the network means we will be expanding the reach of our products to a greater potential audience. Not only does this give more Australians the opportunity to access our highly competitive products and rates, it also supports our long-term growth strategy,” Mr Northey said.
“We have been planning our re-entry into the broker network for some time and are confident that now is the right time, with the right commercial terms, for us to make that move. CUA offers a broad range of home loan products to suit every homebuyer’s needs, including market leading rates on both Three Year Fixed and Standard Variable home loan products.”
Over the last six months a number of lenders have turned to the broker channel to increase their distribution. ME Bank announced that brokers would play a key role in its distribution plans back in November 2011 while Gateway Credit Union and Heritage Bank have also recently opened up third party distribution operations.
