The decision by Vow Financial, a leading mortgage aggregator, to add four non-major banks to its lending panel shows there is a trend in loan volumes away from the “Big Four banks”, says Vow’s Chief Executive Officer Tim Brown.
Brown says: “Over the past few months we have definitely noticed a movement towards the non-major banks and other smaller and more innovative financial institutions, with 32% of our business now being done outside CBA, ANZ, Westpac and NAB.”
“This reflects the mood of the market whereby it’s not just the brokers who are looking for greater choice, but also their clients who are looking outside online casino the more traditional financing options.”
The four new lenders on Vow’s panel will be ME Bank, Adelaide Bank, Hemisphere Financial Solutions and Barnes Home Loans.
Brown says: “ME Bank, owned by Australia’s leading industry super funds, are looking to provide a genuinely fairer banking alternative, and this seems attractive to brokers. A majority of brokers want to diversify their offerings and are ready to explore partnerships with other lenders.”
Adelaide Bank has been operating for more than 100 years. In 2007 Adelaide Bank merged with Bendigo Bank, forming Bendigo and Adelaide Bank Limited (BEN), and ranks in the top six banks in Australia by market capitalisation.
ME Bank was created in 1999, to give industry super fund and union members better value banking and better service.
Hemisphere Financial Solutions is a Non Bank Lender that is focused on providing a broad range of home loan solutions with competitive interest rates. Hemisphere is the retail brand of RESIMAC Limited which has been operating in the Australian market since 1985.
Barnes Mortgage Management Pty Ltd trading as Barnes Home Loans is one of Queensland”s longest established Non Bank Lenders.