The launch follows the Bank’s successful pilot with a number of direct brokers in 2022 and the implementation of a new e-lodgement platform through technology partner, Simpology.

This system delivers a seamless digital application experience for brokers including integrated third-party services such as digital consent, electronic statement collection, Digital ID (OCR Labs) and DocuSign.

Chief Executive Banking Michelle Winzer said RACQ Bank’s expansion into the broker network was part of its strategy to help more Queenslanders fulfil their property goals.

“We know brokers play an important role in helping many Queenslanders on their home buying journey – particularly in a rising interest rate environment,” Ms Winzer.

“The launch of our broker channel, designed to complement our existing mobile lending and growing digital offering, will give our members more choice and flexibility when it comes to applying for a mortgage.

“We started off small, bringing on a number of independent brokers, which enabled us to test and refine our systems and processes to ensure a positive experience for brokers and their customers. Now we’re excited to expand with our new aggregator partners.

“Astute is a business that values having highly trained brokers and a real connection with their local community, which aligns with RACQ’s key values.

“Specialist Finance Group is an established and long serving national aggregator with excellent growth - something we are excited to be a part of.”

Ms Winzer said the Bank’s offering was a competitive and exciting one for brokers.

“We know the Queensland market and have a dedicated local team on hand to support our broker partners,” she said.

“We have some of the best turnaround times, with our time to ‘yes’ for home lending at seven days (conditionally approved within 48 hours).

“We believe in doing things differently - we were one of the few banks to offer extended loan terms of up to 40 years to help younger Queenslanders achieve their property goals.

“Our Fair Dinkum Home Loan* has reinforced the demand for a back-to-basics products, and our current $2,000 Cashback** offer is another way for Queenslanders to ease the pressure of recent rate rises when they refinance their home loan of $500,000 or more to RACQ Bank.

“We’re also the first Queensland bank to offer a full suite of green loans***, recognising the growing demand for Queenslanders to reduce their own carbon footprint.

“We’re thrilled about this next chapter for RACQ Bank and look forward to working with the broker community.”

Comments from RACQ Bank’s broker partners:

“Astute is pleased to have RACQ Bank join its selective panel of business partners, offering additional services and support to our wider Queensland clients and communities. RACQ Bank provides innovative products that will assist our Astute members when advising clients about home loan options in this changing market.” - Astute Financial Management General Manager Peter Sullivan,

‘Partnering with RACQ Bank fits neatly with our model of having great access to great providers for our brokers and their customers. At a time where we are seeing much consolidation, we are proud to support the new entrants in our market that bolsters competition.’ – SFG General Manager Blake Buchanan,

“Simpology is honoured to be supporting RACQ Bank in their launch into the broker market, bringing their ethos of community spirit and member benefits. They have an amazing team and have embraced digital to deliver great experiences to both broker and customers – we look forward to powering their success.” - Simpology CEO and Founder Kate Gubbins.  

Banking and loan products issued by Members Banking Group Limited ABN 83 087 651 054 AFSL/Australian credit licence 241195 trading as RACQ Bank. Terms, conditions, fees, charges and lending policies apply. This is general advice only and may not be right for you. This information does not take your personal objectives, circumstances or needs into account. Read the disclosure documents for your selected product or service, including the Financial Services Guide and the Terms and Conditions, and consider if appropriate for you before deciding.

Except for RACQ Bank, any RACQ entity referred to in this release is not an authorised deposit-taking institution for the purposes of the Banking Act 1959 (Cth). That entity’s obligations do not represent deposits or other liabilities of RACQ Bank. RACQ Bank does not guarantee or otherwise provide assurance in respect of the obligations of that entity, unless noted otherwise.

*Fair Dinkum Owner Occupied Home Loan and Fair Dinkum Investment Home Loan is available for new lending only. Members with an existing home loan can switch to an owner occupied or investment home loan with a minimum $20,000 in additional lending.

** $2,000 Cashback Offer can apply to home loans of $500k or more refinanced to RACQ Bank from another financial institution, with application between 1 March 2023 and 31 May 2023, conditional approval by 5:00pm 31 May 2023 and funded no later than 29 August 2023. Conditions apply. For full Terms and Conditions refer www.racq.com.au/home/home-loans

***RACQ Bank Green Home Loans available with existing, refinanced and new RACQ Bank home loans. Conditions apply. Refer www.racq.com.au/home/home-loans/green-loan

^The Green Personal Loan is available for new lending only to purchase eligible items. Conditions apply. Refer www.racq.com.au/banking/personal-loans/green-personal-loan