BNZ scraps mobile mortgage managers

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National Australia Bank-owned Bank of New Zealand is moving away from selling mortgages through mobile mortgage managers to relying on its branches to sell home loans.

Tuesday, August 18th 2009, 12:37PM 7 Comments

by Jenny Ruth

The bank was responding to Good Return's query about rumours BNZ had sacked all its mobile managers.

"We can confirm that we are undergoing a consultation period around proposed changes to the way mortgage products are sold," says BNZ retail director Chris Bayliss in a statement.

"This consultation will potentially affect a number of mobile mortgage manager and home loan sales support roles. The exact figure will be confirmed once the consultation period has ended," Bayliss says.

"However, 10 new roles will be created which will focus on the acquisition of new business across all product sets and maintaining an ‘after hours' capability," he says.

"Once the consultation period has ended, it is anticipated that responsibility for management of all retail home loan acquisitions will sit primarily with the store network and that the business development managers will maintain the referral networks."

BNZ's March quarter general disclosure statement shows its residential mortgages book grew by $458 million to $24.68 billion after shrinking $22 million in the December quarter. Its share of the mortgage market grew slightly to 16.47% at March 31 from 16.38% at December 31.

The bank had a further $2.43 billion in mortgages off balance sheet at March 31, mainly loans approved but not yet drawn down, up from $2.16 billion at December 31.

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