Mortgage Brokers Shunned by Banks, Welcomed at Mortgage House

Date: 19/05/2004

Following announcements by Westpac Banking Corporation and Bank of Queensland that they were pulling out of using mortgage brokers, Mortgage House of Australia Managing Director Ken Sayer has invited professional Mortgage brokers cut off by the banks to come on board with Mortgage House.

"We think that the decision by Westpac Banking Corporation and Bank of Queensland to pull out of the mortgage broker market is purely a sign of their lack of purpose and design to effectively manage a mortgage broker network."

"On the other hand Mortgage House wants to build its mortgage broker network. We have invested heavily in developing the infrastructure to manage a large and growing mortgage broker network and we have a very bullish outlook on the home loan market as a whole," said Mr Sayer.

"If any of these mortgage brokers cut off by the big banks are serious about the home loan and mortgage industry, then they have found the perfect home loan partner in Mortgage House."

"We have put in place very strict controls and I.T. systems that ensure we are not bitten by the fraud issues or shonky operators that some banks have been. For example, all Mortgage House employees are required to complete the Diploma of Mortgage Lending to ensure their technical skills and knowledge are top-line. We take professionalism very seriously."

"We are committed to the broker market."

"Mortgage broking is the most effective delivery channel for home lending and, importantly, because you work with originators independent of the big banks, we are not beholden to their market power. This means a real improvement in service and a reduction in delivery costs for every consumer that is seeking a home loan," said Mr Sayer

Issued for Mortgage House by Wilkinson Media, 8969 6255