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ISSUE 7.04 March 2010
Ambitious Suncorp wants broker support
Withdrawal symptoms
Key points Suncorp affirms strong financial position Bank funding for 2010 locked in and secure Looking to expand distribution beyond Queensland Brokers a key part of this expansion strategy New product offering a 0.2% discount for limited time AFG, nMB say Suncorp action further sign of green shoots emerging
Harry Hills
Mortgage growth
envisaged outside home state for bank With its funding program locked in for 2010 and reduced dependence on wholesale funding Suncorp is looking to brokers to grow its presence outside of its home state.
As the only ‘A’ rated regional bank, Harry Hills, who is Suncorp’s regional general manager for the NSW metropolitan region, said the bank was “definitely in a strong position”. Hills spoke to AB as the bank launched its assault on the major banks, with its 0.2% discounted ‘Back to Basics’ mortgage campaign, which has no establishment fee and offers full
commission to brokers. A bulletin to promote the campaign urged brokers to encourage their clients to “bring their home lending to Suncorp Bank with this great offer.” “There are bigger opportunities in NSW and Western Australia. You will start to see us be more aggressive in those states, [targeting] the disaffected clients of the major banks,” Hills said. He said brokers would play a key role in expanding into these markets, where the bank does not have a major branch network. “We need a larger profile outside of Queensland. We have 2% of the market outside of Queensland and we want significantly more through the broker space,” he said. Hills maintained that the bank had always been heavily committed to brokers. Page 28 cont.
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With the government guarantee for large deposits and wholesale funding ending, what impact has the scheme had so far?
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Diversify to survive is the game plan Brokers who are looking to diversify their businesses and introduce new products and services take note: the compact disc got it right Page 27
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Pressure is on secure options A new secure options mortgage product is being released – but information about the release is slightly flaky, says Insider Page 30
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