Great Southern Bank joins Loan Market panel of lenders
06:40, May 12, 2022•4 minute read
06:40, May 12, 2022
4 minute read
The aggregator has expanded its panel of lenders with the addition of client-owned Great Southern Bank.
Loan Market managing director Andrea McNaughton noted that Great Southern Bank (formerly CUA) had cut its home loan approval times in half over the past year, while doubling the number of loans it had. she was dealing.
The broker channel now accounts for more than three-quarters of the bank’s home loan settlements.
“We have been impressed with Great Southern Bank’s engagement with brokers and how it has created solutions for various market segments,” Ms McNaughton said.
“They have established a strong relationship with younger clients, as evidenced by the growing volume of first-time homebuyer loans they have settled.”
In fiscal year 2021, Great Southern Bank saw an increase in the number of first-time home buyersdemographics covering a third of its home loan applications, triple that of 2018.
Brokers had also contributed to the wave of young borrowers, with customers coming through the channel seven years younger than those introduced by the bank’s branches.
Mat Patterson, head of brokerage at Great Southern Bank, added that the new partnership will continue to support the growth of both businesses.
Great Southern Bank now has around 380,000 customers and has previously signaled plans to double the number of its accredited brokers to a total of 6,000 by the end of the year.
“Loan Market is one of Australia’s largest, fastest growing and most respected brokerage businesses,” Mr Patterson said.
“Being invited to join their panel is an important step for Great Southern Bank as we grow our business and seek to help more Australians settle into their homes.”
Great Southern Bank has also recently joined the Specialist Finance Group (SFG) panel of lenders.
It had indicated that it was about to introduce e-signatures and a new flat rate lock feature.
Mr Patterson joined Great Southern Bank in July last year, having previously served as Managing Director of Broker Sales at ME Bank.
The bank also released new data in April, showing nearly three-quarters of prospective homebuyers expect to rely on government programs and financial support.
In April, Loan Market Group confirmed that a former Loan Market director and advisor would return on July 18 to serve as its new chief operating officer (COO) and executive director.
Ewen Stafford will join the ranks of the company’s management after serving as Chief Financial Officer and Chief Operating Officer at Bank of Queensland.
[Related: BOQ state relationship manager joins PCF as Qld head]