"Mortgage broking has emerged as a key component of the retail banking industry in Australia, as evidenced by the fact that around 50% of all mortgages are now originated through the broker channel. We see the growth in the broker network as testament to the high standards of customer service and professionalism that has allowed brokers to establish strong referral networks."
"Mortgage brokers have access to a broad range of lenders. This provides consumers with access to products they may not be able to access otherwise. It also helps create competition between the bigger lenders. The products of these lenders must be competitive or they will not garner the support of the broker market. This is a great outcome for customers."
"Today, as Bendigo and Adelaide Bank, 50% of the Group's Home Loans are originated through third party channels, mirroring the Australian market and reflecting strong consumer confidence in professional credit advisors."
– Adelaide Bank
"Brokers are a vital component of the Australian mortgage sector, fostering strong competition between banks by giving customers access to a broad range of loans."
– ME Bank
"Mortgage brokers provide an unbiased and educational service to the consumer …"
– La Trobe
"Brokers are a vital part to competition with 50% of consumers engaging brokers for their financial needs …"
"… We believe there are efficiency and competitive benefits from product originators such as banks selling through brokers and other channels."
"The broker sector is a vital part of our business and does encourage greater competition within the market. It enables Heritage Bank to sell products and services right across the nation, winning customers that we would simply be unable to reach otherwise. The broker marketing also exposes potential customers to a much wider range of alternative finance options that they may otherwise not know about"
– Heritage Bank
"In our view mortgage brokers are firmly established as the key facilitators of competition within the Australian home loan market as they provide consumers with access to a range of providers to ensure that they are afforded the opportunity to select the solution that best meets their needs."
"We believe that mortgage brokers provide real value, far beyond simply selecting the right product for the customer. They provide an abundance of choice, they can explain and simplify the home loan process and they can remove much of the administrative burden for the customer. As an online bank, mortgage brokers are critical in ensuring our home loan products are made available to people across Australia. Brokers promote choice which supports competition, both of which ultimately drive innovation and a better deal for all Australians."
– ING Direct
"AMP Bank is a branchless bank with a core focus on Australian residential mortgages and deposits. Its model is to originate Mortgages through intermediaries such as Brokers and Advisers/Planners. As such the broker industry in considered a key component of the overall mortgage market and now accounts for c50% of all loans written, with brokers providing and independent and viable offering."
"BOQ are supportive of maintaining a strong mortgage broker network and think it's important that customers have choice when it comes to how they obtain financial products and services."
– Bank of Queensland
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