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Broker's Guide to Non-Major Banks

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Broker's Guide to Non-Major Banks BROKER’S GUIDE April 2021 Broker’s Guide to Non-Major Banks WHAT BROKERS TURNAROUND TIMES HOW THE NON-MAJORS WANT IN FOCUS ARE SERVING BROKERS P.12 P.14 P.18 Cover.indd 1 9/03/2021 3:31:57 PM Home loans that tick all the right boxes for essential workers We serve education, emergency services We are the only Australian bank with retail and health workers nationally in all states deposits, mortgages, and wholesale funding and territories all certified as ethical or responsible We’re one of a small number of banks We understand our essential workers like participating in the First Home Loan deposit no other bank, that’s why we have products scheme to help essential workers own their and features tailored for them. Offers such home sooner as 100% offset facilities on fixed rate home loans, or 35-year loan terms to help keep We have been named one of the World’s the monthly payments down. Most Ethical Companies® for the eighth year in a row Unlock nationwide access to hundreds of thousands of essential workers in niche industry sectors. Become an accredited Teachers Mutual Bank Limited broker today to access four customer-owned industry banking divisions. To find out more or to become accredited contact [email protected] or 1300 86 22 65 Teachers Mutual Bank Limited ABN 30 087 650 459 AFSL/Australian Credit Licence 238981. Membership eligibility applies to join the Bank. All applications for credit are subject to our responsible lending criteria. Fees and charges apply. You can find our Consumer Lending terms and conditions available online or from any of our offices. ® “World’s Most Ethical Companies” and “Ethisphere” names and marks are registered trademarks of Ethisphere LLC. The World’s Most Ethical Company assessment is based upon the Ethisphere Institute’s Ethics Quotient (EQ) framework and honours superior achievements in transparency, integrity, ethics and compliance. www.ethisphere.com | 01616-BRO-TMBL-0421-MPA-Ad 01616-BRO-TMBL-0421-MPA-Magazine-Ad-190x255-1-2.inddUntitled-1 1 1 11/02/20215/03/2021 12:58:24 3:17:48 PM CONTENTS / EDITOR’S LETTER Contents Editor’s letter April 2021 The changing market IT’S BEEN just under a year As Momentum Intelligence’s since we released our last surveys show, it’s the speed Broker’s Guide to Non- of decisioning and know-how Major Banks, but given the of non-major banks and their huge amount of change that BDMs that have really given has happened since June non-majors their groove back. 2020, we thought it was On page 14, we asked some of high time to review what the heads of third party at the 06 SHIFTING SANDS has been happening in the banks to outline how they’ve How the segment has lending segment. been making turnarounds, and been faring and what In the following pages, we set consistency of turnaround challenges it faces in out to uncover how quickly the times, a priority. the future sands of the lending market Speaking of the heads of third shift. When reviewing the lay of party, on page 18 we sit down the land for this feature, I was with a roundtable of non-major surprised to see just how many banks to understand what lenders were merging with their they’ve been doing to support non-major counterparts to the broker channel in the past shore up their resources and year, and why the channel is take on the big four. Indeed, important to them. while many lenders have been We hope that this supplement, looking to merge, others have together with the main been less fortunate, exiting magazine, provides brokers the industry altogether. It with a sound understanding goes to show that banking of how lenders have been is not a cheap business, and supporting the market and the regulatory burden has channel during the coronavirus 12 LIGHTNING SPEED been leading many to review pandemic – and will continue to We take a look at why their options. do so into the future. brokers are turning to But while there may be fewer the non-majors brands in the market, the offering that the non-major banks provide is of increasing importance to brokers. Indeed, in less than a year, the flow of broker-originated mortgages accelerated out of the non- majors to the big four, and back again. On page 6, we take a look at the data behind this shift and take a look at how the non-major lending segment, as a whole, has been radically changing. Meanwhile, on page 12, 18 SERVING THE we dig down further into BROKER CHANNEL why brokers are once again The trends that the non- shifting their recommendations Annie Kane majors are experiencing towards the non-major banks. Editor BROKER’S GUIDE TO NON-MAJOR BANKS 01 P001_Intro_ES.indd 1 9/03/2021 3:33:08 PM SPONSORED CONTENT HERITAGE BANK to our members and the community. A bank that backs Our sponsorship philosophy focuses on actively serving the interests of the community, not your community marquee sponsorships just for publicity. For example, Heritage’s national Stewart Saunders, head of broker experience at Heritage partnership with leading Bank, shares how Heritage’s position as a mutual bank food rescue organisation supports their genuine passion for helping people and OzHarvest will fund the delivery of 200,000 meals a connecting with communities year to people in need. This approach of good corporate citizenship resonates with our customers and brokers. Last year, Heritage topped the rankings in the JD Power 2020 Australia Bank Brand Authenticity Study, as well as the JD Power 2020 Australia Retail Banking Satisfaction Study, and was also named number one bank in Australia by international business magazine Forbes in their 2020 World’s Best Bank list. Heritage is here to make a positive di erence. We are purpose-driven, not pro t-driven. We’re genuine about understanding IF THE past year has experiences, and support experience for customers, and connecting with our taught us anything, it’s the them when they need it most. mortgage brokers and sta . members and what matters importance of connection Last year, we moved quickly For over 146 years, to them. Beyond the nuts and authenticity. to adjust to the impacts of Heritage’s “people rst” and bolts of our products Aside from competitive the pandemic, introducing philosophy has been at the and services, we are more products and rates, Heritage support measures like foundation of everything we than just a bank. o ers the opportunity to be mortgage relief packages, do – our products, services, a part of something bigger, dedicated phone lines with infrastructure, even the a collective movement that specialist support teams for sponsorships and initiatives puts people rst. Unlike the the elderly and frontline we support. As a socially listed banks whose overriding workers, and digital VOI conscious organisation, we’ve goal is to maximise pro ts for brokers. Over the next integrated environmental, for shareholders, our focus is 12 months, we’re working social and governance on maximising value for our to introduce a new loans (ESG) principles into our members and giving back to origination platform that everyday operations. In the communities in which will cut the processing time June 2020, we released an we operate. for the average home loan ESG Position Statement that We reinvest the pro ts we application by up to 80 per sets out our commitments Stewart Saunders make back into the business cent. This will lead to a faster, to operating sustainably, head of broker experience Heritage Bank to give people great Heritage more seamless and consistent and our commitments 02 BROKER’S GUIDE TO NON-MAJOR BANKS P002_Heritage_SC_ES.indd 2 4/03/2021 12:09:05 PM A bank that backs your community. Bank you very much! Talk to us today brokers.heritage.com.au Heritage Bank Limited ABN 32 087 652 024. AFSL and Australian Credit Licence 240984. Untitled-1 1 5/03/2021 3:15:09 PM SPONSORED CONTENT BOQ the lending journey. As “WE’RE FOCUSED part of this, in December ON ENSURING THE Banking on 2020 we introduced loan PERSONAL, TIMELY maturity noti cations to alert brokers to upcoming SUPPORT THAT OUR customer milestones, BROKERS HAVE BOQ such as the expiry of a ALWAYS RECEIVED xed rate term. These FROM US IS BACKED It’s been a big year for BOQ, as noti cations include the BY FAST AND the group continues its digital loan maturity date, the type of loan and new SIMPLE PROCESSES transformation and increases broker interest rate the customer THAT FACILITATE flows. Kathy Cummings, BOQ’s general is scheduled to roll to, EXCEPTIONAL manager, broker, outlines how they’ve as well as a direct link to HOME LENDING the Secure Broker Portal EXPERIENCES” been focused on the broker channel where the broker can and what brokers can expect in the submit a retention pricing pipeline moving forward request. This is about providing brokers with the the technoloy changes information they need to required to achieve an proactively connect with automated rst decision. customers to understand Beyond this, we’re working What is the company brokers can access BOQ’s how their situation may currently focused on credit policy and easily on delivering an online have changed and what serviceability calculator for brokers? locate the information they’d like to do next. that will save our brokers BOQ is focused on further they need using search time, as well as introducing simplifying the home functionality. In addition, Why should a broker brokers can use the auto-decisioning of pricing lending process with a view look to partner requests submitted through to achieving the fastest portal to order an upfront valuation, submit a with BOQ? the Secure Broker Portal.
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