Suncorp Bank has embarked on an improvement journey that it believes will benefit mortgage brokers and their clients.
The bank has been hard at work updating its policies and procedures and has made a host of digital improvements that will make things easier and more efficient for brokers.
Suncorp Bank head of broker partnerships Troy Fedder (pictured above) said brokers would enjoy the updates the bank has introduced.
“Many brokers are familiar with eSign, an electronic signing method for eligible home loan documentation that allows for a faster customer and broker experience. We’ve now introduced SunVerify, an efficient digital verification solution,” Fedder said.
“SunVerify authenticates a user by linking their face to their ID. It’s all in real-time via a smartphone (or other smart device) and eliminates the need for brokers to submit additional identity documents (e.g. proof of Identity form, VOI Certificate and copies of identification documents).”
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Fedder said Suncorp Bank has had great feedback and using SunVerify was a tip its broker support team frequently offered on their calls.
“We’ve improved the search function on our broker portal, added SunVerify and made intuitive changes on our dashboard tabs and login page. We have a range of ‘how to guides’ for brokers and information on our latest offerings and enhancements including e-sign and FASTRefi,” he said. “The portal is a great option for brokers who want to self-serve at a time that suits them (for example, see status of applications, use our calculators, etc).”
Fedder said aside from digital improvements, Suncorp Bank had recently merged its home lending and business banking BDM teams with the goal of improving the service offering through a streamlined approach. Its business banking is a key focus and Suncorp Bank is targeting growth across four segments: SME, commercial, property finance and agribusiness.
Meanwhile, it recently launched SunLight for low-risk borrowers, which is a new automated offering that aims to deliver fast turnaround times for lower-risk customers who meet eligibility criteria.
“These loans reach final decision within 48 business hours, and we’ve had great feedback on this process already. It’s the latest proof point in our ongoing commitment to make things easier and more efficient for brokers and their customers and all brokers have to do is ensure all required documents are provided at lodgement when their customers meet the SunLight criteria,” he said.
“Some of the criteria for Suncorp Bank SunLight are an LVR ratio up to 80% and debt to income no more than 5% with servicing evident. Brokers should talk to their BDMs to understand full eligibility and exclusions and for some hot tips around valuations and credit reports.”
Fedder said as mortgage holders were continuing to re-finance their home loans, Suncorp Bank’s FASTRefi process was a point of difference in the market.
“We’re focusing on continuing to enhance our FASTRefi process which allows brokers to fast-track refinance settlements. Many lenders only use this function for direct channels, but we don’t differentiate between broker and direct,” he said.
“FASTRefi is an alternative to the traditional refinance process allowing Suncorp Bank to repay an outgoing lender prior to settlement through a policy underwritten by First Title Australia. While the loan origination and assessment processes stay the same, we see a dramatic reduction in settlement timeframes - to weeks rather than months, which means customers can start saving sooner, with quick access to better interest rates.”
Brisbane broker David French (pictured immediately above), from The Happy Finance Company, said he has enjoyed Suncorp Bank’s updated systems and processes.
“Suncorp Bank are one of my favourite banks to work with now,” French said. “I can submit a deal through to the bank and I always have an answer (often a client approval) within 24 to 36 hours with next to no questions asked. This makes not only my life, but my client’s life much easier.”
French said the volume of his clients refinancing their home loans was very high as interest rates were rising and Suncorp Bank was there to make the refinance process as smooth as possible.
“When we have a client who is stuck with a bank with a higher interest rate, I can approach Suncorp Bank who can process a refinance deal in one or two days and have it settled within a few weeks. Our client can now enjoy their new cheaper, interest rate and save hundreds in added home loan fees,” he said.
“My Suncorp Bank BDM is extremely helpful and ensures I have everything I need when lodging a deal directly. He always picks up the phone and answers any questions I have. Suncorp Bank are now one of my preferred lenders and I ensure to include them in every product comparison, without fail.”
Aussie Home loans broker Luke Wilson (pictured immediately above) is another advocate for Suncorp Bank.
“Suncorp has really stepped up over the last six months, climbing their way to be one of my top lenders. Not only do they offer competitive rates and great products; they also offer exceptional broker and customer service, and this does not go unnoticed,” Wilson said.
“The assessing team take those extra steps to help when they can, their timeframes are well within their service level and their BDMs are quick to respond and extremely helpful with each scenario. This gives me confidence when offering Suncorp Bank products to my clients in knowing they will be taken care of moving forwards.”
On October 4, Suncorp Bank was recognised as the Queensland/ Northern Territory/ Northern NSW Non-Major Lender of the Year Award winners at the 2022 AFG Broker Awards in Brisbane. The bank was ranked in the top three for fastest time to formal approval on the Connective Lender Approval Time Dashboard for the month of September 2022.
