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ISCOVER
Steven Cross
The Bank of Queensland (BOQ) has outlined plans to use mortgage brokers for the first time since 2004 in a bid to combat the bank's first loss in 20 years.
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To offset the $91 million loss the bank suffered in the six months to 29 February 2012, BoQ said it plans to raise $450 million in capital to strengthen its balance sheet.
To do this, BoQ's chief executive Stuart Grimshaw said the bank would look to re-engage the broker channel in the immediate future, labelling the move a "quick win".
If and when BoQ re-enters the broker channel, the bank will join a host of other lenders that have re-engaged the broker market in the last six months.
In November last year both ME Bank and CUA announced they would re-enter the broker market in a bid to grow their share of the mortgage market.
