Non-bank lender Homeloans says more mortgage brokers are sending business its way because more of their customers are asking about alternatives to the big four banks, an example of the damage the banking royal commission is inflicting on the major's brands.
The ASX-listed Homeloans said increased broker referrals helped drive a 19 per cent increase in settlements in the 2018 financial year and sent net profit - and its share price on Friday - higher.
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James Eyers writes on banking, payments and fintech. He is a former legal and investment banking editor at the AFR, has degrees in commerce and law from UNSW, and is co-author of Buy now, pay later: The extraordinary story of Afterpay Connect with James on Twitter. Email James at jeyers@afr.com.au
