ANZ and brokers working better together

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ANZ general manager retail broker Natalie Smith talks to Australian Broker about how the bank has simplified its home loan products, streamlined processes and enhanced support, to continue working better together with brokers

Founded in 1835 and headquartered in Australia, ANZ is one of the four largest Australian banks, ranked in the top 25 banks globally by market capitalisation. It employs approximately 45,000 staff and operates in 34 markets globally. ANZ serves over 10 million retail, commercial and institutional customers, with consumer and corporate offerings in its core markets and supporting regional trade and investment flows across the region. Its purpose is to shape a world in which people and communities thrive. That is why ANZ strives to create a balanced, sustainable society in which everyone can take part and build a better life.

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“Our priority is to continue working better together with our brokers to help Australians achieve their home loan goals, whether they are buying, upgrading or refinancing a home”

Natalie Smith, ANZ

Why is a strong broker channel important to you? NS: As Australians continue to navigate the ever-changing economic environment, with rising inflation, changes in house prices and the cost of living, some mortgage holders may be looking for additional support to ensure that they have the right product for their situation and property goals. Other borrowers may be exploring whether a better deal is possible. In my experience, customers are looking for the right team to support them, with a strong understanding of their needs and quality service. In the current environment, brokers are well placed to provide borrowers with specialist knowledge and guidance, and we know that Australians are increasingly choosing to use brokers to support their home loan journey. Given its significance to ANZ, it’s important that we continue to provide support to a strong broker channel – now and into the future.

What is your top priority for the broker channel at the moment? NS: Our priority is to continue working better together with our brokers to help Australians achieve their home loan goals, whether they are buying, upgrading or refinancing a home. Although house prices may change, there is still activity in the market. It’s important that we continue to provide compelling options – for our existing customers, as well as for those looking to refinance through a broker. To this end, we’ve introduced some changes at ANZ to improve the customer and broker experience.

Earlier this year, we redesigned our home loan products to be simpler and easier to understand. This aims to allow all ANZ customers to see their options more clearly and make financial decisions with greater understanding and confidence. We also removed our Breakfree package from sale, to simplify our home loan offering and to better help customers choose the solution that works for them. Recently, we also introduced Simpler Switch – a streamlined OFI refinance process for eligible PAYG customers switching to an equal home loan amount, with the same or lower repayments on an eligible home loan. The process uses comprehensive credit reporting to verify a customer’s ability to repay their existing commitments, with no need to supply any income documents as part of the application. What kinds of tools and support do you offer brokers? And how do brokers access them? NS: At ANZ, we have several tools and resources available to support brokers to deliver for customers throughout their application journey. We know that brokers are looking for clarity and timely communication from lenders. Through ANZ’s Broker Portal, accredited brokers can access ANZ Qualify for a range of prequalification tools and calculators designed to make brokers’ lives easier. Recent updates also mean that brokers can use ANZ Qualify to prepopulate over 150 fields of their Loanapp home loan applications.

Earlier this year, we also launched Broker Chat – a real-time digital channel that offers brokers another way to connect with ANZ, obtain an expected credit response date quickly and easily on an application, raise escalations on eligible applications in the assessment queue, or organise a call back from an assessor. We also have a range of calculators and tools on anz.com for those who may be looking to improve their financial resilience and feel good about the future. They are free and available to everyone and not just for ANZ accredited brokers or existing ANZ customers.

“Over the past 12 months we’ve made several changes at ANZ so that we can continue to provide the fast, reliable and consistent level of service that brokers expect for their customers”

Natalie Smith, ANZ

ANZ’s Property Profile Reports are designed for those looking to make their next home loan move; ANZ’s home loan repayment calculator gives customers the ability to compare home loan scenarios and better understand changes to their home loan repayments; and ANZ’s Financial Wellbeing Program provides simple and practical information to plan a budget, reduce expenses, manage spending, and save for a rainy day. Why should a broker look to partner with you? NS: Over the past 12 months we’ve made several changes at ANZ so that we can continue to provide the fast, reliable and consistent level of service that brokers expect for their customers. We’ve onboarded additional staff, reconfigured some of our assessment processes, and increased the usage of desktop valuations in some metropolitan areas. As a result, we’ve increased our home loan processing capacity and improved our home loan application turnaround times.

Our competitive offers are set out for brokers on our website, and our enhanced policy settings can assist brokers to support a wide range of customers looking to buy or refinance. Earlier this year, we introduced an alternative income verification option for eligible self-employed borrowers who receive a regular and consistent wage through their company. We also increased our luxury property thresholds for houses and townhouses and expanded the maximum LVR threshold to 95% for new-to-bank customers and investors with a debt-to-income ratio below 6.

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When did you start working with the broker channel and why? Natalie Smith: My background is in specialised lending, with a focus on the telecommunications, technology and health industries. I also spent some time in risk and portfolio monitoring, along with running ANZ’s Commercial Bank Head Office. During my time in financial services, including more than 20 years in frontline sales and sales leadership, brokers have always been an important part of the lending journey. Joining ANZ’s Retail Broker channel in February gave me the opportunity to return to a specialised channel, reconnect with valued brokers and work together with our aggregators and industry bodies to deliver a great experience for our home loan customers.

Source: MFAA quarterly survey

Mar–Jun 2020

57%

Mar–Jun 2021

59%

Mar–Jun 2022

68%

Mortgage brokers’ market share, June Quarter

Maximum LVR threshold for new-to-bank customers and investors

Source: ANZ

*Debt-to-income ratio <6

95%*

Now is a great time to consider ANZ, and we want to maintain our strong relationship with brokers, working better together to deliver for home loan customers.