Macquarie Bank Ltd has significantly bolstered the number of staff charged with working alongside mortgage brokers as it looks to expand its mortgage business, according to The Australian Financial Review.
The bank has reportedly increased the number of business development managers working with brokers nationally from 13 to 21 in recent months.
Such a move is crucial to Macquarie's efforts to expand its mortgage business, as it lacks its own internal distribution network to sell mortgages.
Macquarie also reportedly raised the upfront commission paid to brokers to 0.65 of a percentage point, up 0.05 of a percentage point.
The bank has targeted cheap mortgage pricing as its primary avenue for boosting its home loans business, the AFR added.
Quick Summary:
Bank nearly doubles staff working with mortgage brokers in recent months.
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