BOQ Expands Broker Distribution Network
BOQ has expanded its mortgage broker distribution network through partnerships with two new broker groups, Vow Financial and Custom Equity Group, the Bank announced today.
The new partnerships mean there are now around 650 BOQ-accredited brokers servicing customers in New South Wales, Victoria, Western Australia and South Australia.
Brad Rockwell, BOQ’s Head of Third Party Distribution, said he was delighted to reach agreement with Vow Financial and Custom Equity Group.
“We look forward to working with both groups and our partnerships with them are crucial to BOQ’s future plans in the broker channel, especially as we look to build our presence in New South Wales,” Mr Rockwell said.
“Vow and Custom Equity Group both strongly complement BOQ’s approach to doing business and together we offer a compelling proposition to those customers who are looking for an offering that is independent to the majors.”
Sean O’Brien, Custom Equity Group’s Managing Director, welcomed the inclusion of BOQ on its lender panel saying it is a great indication of BOQ’s further commitment to the third party distribution market.
“BOQ is a valued inclusion on our lender panel as it provides our members with another competitive alternative to offer clients. The wider the choice of lenders and products that our members provide can only be beneficial to customers in the long run,” he said.
“We look forward to working closely with the BOQ team to provide competitive, timely and value for money products and services for members and customers.”
Twelve months after re-entering the broker channel through a partnership with AFG in Western Australia, BOQ is starting to build good momentum in its broker channel and the Bank believes there is strong potential for growth in the channel.
In an announcement regarding its results for the half year to 28 February 2013, BOQ said broker-originated lending applications were up over 200% between Q1 and Q2 of the half. In March 2014, the broker channel accounted for more than 10% of BOQ’s total retail loan originations.
Mr Rockwell said the partnership with AFG was crucial to BOQ’s progress in the broker channel.
“AFG continues to provide an enormous amount of support and feedback as we expand into the broker channel and this is helping us shape our offering and improve the service we offer,” he said.