BNZ coy on whether it will return to brokers
Bank of New Zealand is being coy on whether it plans to start dealing with mortgage brokers again.
Monday, August 24th 2009, 8:39AM 
3 Comments
After the bank confirmed it will stop using mobile mortgage managers to sell mortgages, instead relying on its branches to sell home loans, a number of Good Returns readers have wondered whether this was a signal the BNZ was going to drop its previously aggressive anti-mortgage broker stance.
In a written answer to the question is the BNZ going to start dealing with mortgage brokers again, a BNZ spokesperson said: "We are changing the way we sell home loans by shifting the responsibility from mobile managers to the store network. To support that strategy we are increasing our investment in the store network, offering extended opening hours, greater resource and a better banking environment."
Asked how many mobile mortgage managers and home loan sales support staff the bank previously had, the spokesperson said: "As we are currently going through the consultation period we are unable to comment on how many roles will be impacted as part of the process."
Last week, BNZ said it was creating 10 new roles to focus on gaining new business for all BNZ's products.
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Comments from our readers
If they don't return to using the services of brokers and solely rely on the "new" reduced team and the branch networks, then their book/percentage of the market will progressively diminish, like HSBC have experienced.
For me to recommend BNZ again will take some major encouragement from the BNZ other than commission for me to recommend them again.
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