BNZ not only bank to shun brokers

Sunday 23 May 2004

An Australian bank is taking the same path Bank of New Zealand has aggressively embarked on and has decided to stop dealing with mortgage brokers.

By The Landlord

Bank of Queensland has announced that it will no longer deal with mortgage brokers even though 22% of its new home loans were sold through this channel in its latest half year.

"This is a strategic decision that we have been working towards for several months, and follows our considered decision two years ago to reduce our dependence on mortgage brokers," the bank’s managing director David Liddy said.

"Any short-term reduction in mortgage sales growth due to our decision to withdraw from the mortgage broker market will be more than offset on our bottom line through improved sales through our own expanded branch network and a reduction in distribution expenses."

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