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ISCOVER
Steven Cross
The Bank of Queensland (BOQ) has this afternoon confirmed with The Adviser that it will re-enter the third party distribution channel.
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Speaking exclusively with The Adviser a BOQ spokesperson said the broker program will be an “immediate short term action that will remain indefinitely”.
“We’re developing a program right now… It’s in the early stages, and there’s a lot of work before we see anything come of it, but it is a priority.”
The bank was also at pains to distance itself from the comments made by the previous CEO when it abandoned its broker distribution in 2004, stressing that it was the personal views of the administration at that time.
The previous CEO, David Liddy said “The broker-originated loans provide too low a yield to pursue as we move forward. In effect, we are growing sufficiently fast organically without the need for mortgage broker-generated loans.”
However, new CEO Stuart Grimshaw is looking forward to increasing the Bank of Queensland’s customers.
“The fact that we have zero per cent of the market share… it’s an opportunity to increase our customer base as well.
“You tend to have a relationship with the bank you have your mortgage with”.
“Around 40 per cent of all borrowers go through a broker, so hopefully we help some of the customers who would never have walked into a BOQ branch.”
