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The mutual bank has launched into the broker market with the signing of aggregators Astute Financial Management and Specialist Finance Group as its partners.
Prior to this partnership, RACQ (Royal Automobile Club of Queensland) Bank began distributing loans through the third-party channel for the first time since its launch in 2017 through a pilot with three individual brokers in November 2022.
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In addition, RACQ Bank implemented a new e-lodgement platform through a partnership with fintech company Simpology that provides brokers with integrated third-party services such as digital consent, electronic statement collection, digital ID, and DocuSign.
Chief executive, banking, Michelle Winzer, said the non-major bank’s expansion into the broker network was part of a strategy to assist more Queenslanders to achieve their property goals.
“We know brokers play an important role in helping many Queenslanders on their home buying journey — particularly in a rising interest rate environment,” Ms Winzer said.
“The launch of our broker channel, designed to complement our existing mobile lending and growing digital offering, will give our members more choice and flexibility when it comes to applying for a mortgage.
“We started off small, bringing on a number of independent brokers, which enabled us to test and refine our systems and processes to ensure a positive experience for brokers and their customers. Now we’re excited to expand with our new aggregator partners.”
Commenting on the partnership, Ms Winzer stated that Astute aligns with the bank’s key values while having “highly trained brokers and real connections with their local community”.
“Specialist Finance Group is an established and long-serving national aggregator with excellent growth — something we are excited to be a part of,” she added.
Astute Financial Management general manager Peter Sullivan said the aggregator is pleased to have RACQ Bank join its panel of business partners while broadening the support and services available to the wider Queensland communities and clients.
“RACQ Bank provides innovative products that will assist our Astute members when advising clients about home loan options in this changing market,” Mr Sullivan stated.
Specialist Finance Group general manager Blake Buchanan commented: “Partnering with RACQ Bank fits neatly with our model of having great access to great providers for our brokers and their customers.
“At a time where we are seeing much consolidation, we are proud to support the new entrants in our market that bolsters competition.”
[RELATED: Non-major bank launches into broker channel]
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