Westpac acknowledges broker success

Westpac Bank has praised Vow Financial after the aggregator recorded one of the highest conversion rates with the lender.

Westpac's national manager of strategic partnerships, Paul Bakker, said Vow succeeded in achieving the number three ranking for sales of Westpac mortgages during the current financial year to date.

The YBR-owned aggregator recorded a 56 per cent surge in settlements versus the market growth of 15 per cent over the period, according to the Australian Bureau of Statistics.

When YBR acquired Vow in May last year, it was the eighth-largest mortgage broking group.

With strong backing from YBR in the lead-up to the traditional spring property sales season, Vow has grown at almost four times the rate of the industry average.

“We believed in Vow’s potential from the outset,” YBR chairman Mark Bouris said.

“Vow is expected to deliver $3 billion in settlements in the final quarter, which is a great result.

“Since acquiring the group last year we have increased loan writers by 20 per cent and made significant improvements to our product offering, including the launch of Vow Home Loans,” he said.

Following the acquisition, Vow has diversified its operations and integrated financial planning and commercial lending.

Speaking to Mortgage Business in March, Vow chief executive Tim Brown said commercial and leasing were key growth areas for YBR.

Mr Brown said the wealth component is something YBR does “extremely well” and Vow will continue to use the group’s expertise and knowledge of the wealth space.

In September last year, Vow announced the appointment of financial planning veteran Michael Clifford as its new head of wealth management.

In the same month, industry stalwart Glenn Mitchell was appointed as head of commercial and leasing.

 

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