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BNZ scraps mobile mortgage managers

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

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.

Comments from our readers

On 19 August 2009 at 9:18 am Hamish Patel said:
I wonder when they will open up to brokers again.
On 19 August 2009 at 10:20 am Charlie said:
"... relying on its branches...." What branches?
On 19 August 2009 at 11:39 pm julie said:
I wonder when the other banks will start sacking staff?
On 21 August 2009 at 3:33 pm Flaymz said:
What a big mistake this is doing away with Mobile Mortgage Managers. If it wasn't for our Mortgage Manager we wouldn't even be a BNZ Customer because other staff can't or won't negotiate to keep clients on board
On 28 August 2009 at 9:07 pm MortgageManager said:
In October last year (2008) the bank made 67% of their mobile mortgage managers redundant, including myself. This largely flew under the radar in terms of media. I am interested to see this article come out almost a year later. There are now approx 20 mobile managers throughout the country where once there were around 65.
On 1 September 2009 at 12:40 pm Darcy said:
Kiwibank is shortly going to be using mortgage advisers and is already doing so in a limited way, so BNZ will almost be forced into using brokers again I feel It will be interesting to see if they really do open up to mortgage advisers - this will obviously benefit borrowers as they will have available to them expertise that you unfortunately cannot be found within a bank. I know a lot of home-buyers (not always first home buyers) that have benefited greatly from mortgage advisers
On 5 February 2010 at 8:29 am Graeme Rhind said:
What a big mistake agree with earlier comments No Mortgage Manager will go with a bank that provides this service.
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