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Teachers Mutual Bank introduces Broker Loans
Teachers Mutual Bank is today entering the third party distribution channel for the first time.
Australia’s only national mutual bank for teachers and their families will work with broker/aggregator networks to ping its competitive home loan products to this lucrative niche market.
“We have a strong niche brand, servicing the 600,000-strong Australian education sector plus their families and we’re now ideally positioned to offer access to our highly competitive products via the broker channel,” said Mark Middleton, National Manager- Third Party Distribution at Teachers Mutual Bank.
Teachers Mutual Bank has already partnered with leading aggregator groups Connective and eChoice Home Loans, and will continue talks with other aggregators.
The mutual bank has made a significant investment in its broker channel, supported by dedicated resources including:
Always a strong performer in the home loan space, Teachers Mutual Bank achieved home loan growth of almost double the system (average of the banking sector) in the last financial year, demonstrating strong demand for its mortgage products.
“Given that delegates at a recent MFAA Conference were urged to target niche market opportunities, the Teachers Mutual Bank brand is highly attractive from a broker perspective, as it has an exclusive appeal to the wide range of people working in the education sector in Australia,” said Mark Middleton.
“Our unique understanding of the education sector means we are perfectly positioned to help brokers and aggregators access this market. With over 600,000 people across Australia employed in the education industry this represents a fantastic opportunity for brokers.”
Teachers Mutual Bank’s CEO Steve James said, “As one of the largest mutuals in Australia, with around 160,000 members and current assets of over $4 billion, the addition of third party distribution is one of our key strategies to achieve our national growth objectives.”
Gillian Tatt, PR and Corporate Affairs Specialist, Teachers Mutual Bank on 0448 259 942.