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Jessica Darnbrough
One of Australia’s major lenders has launched a new offering helping brokers diversify their revenue streams.
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Speaking to The Adviser, Westpac’s general manager mortgage broker distribution Tony MacRae said the lender was enhancing its proposition so that brokers could write personal loans and general insurance for their clients.
“We see diversification as being critical to the ongoing success of broker businesses. As such, we wanted to make it easy for brokers to diversify into certain key areas,” he said.
“We are currently piloting a program that helps our brokers have discussions with their clients around insurance at the same time as they are looking after their mortgage needs.
“In addition, we are about to diversify into personal loans, so that brokers can now sell this type of loan to their clients.”
Mr MacRae said the bank was focussing on the different ways it could add value to broker businesses and diversification made sense.
“I think diversification is a logical business move for brokers. If brokers are providing additional services to their clients, then they are adding value to that client and strengthening the relationship they have with them,” he said.
“Anything we can do to help brokers strengthen their client relationships, we will look to do.”
Mr MacRae said the lender was currently offering equipment leasing and finance products through a select group of brokers as well.
