Building society takes on banks

From left, The Rock’s mortgage and insurance broking executive Warren Darnill, nMB managing director Gerald Foley and The Rock’s managing director Derek Lightfoot look forward to a bright future.

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THE Rock Building Society is taking on the big banks, claiming its new offerings provide a genuine alternative in the national mortgage market.

The Central Queensland financial institution said it had embarked on a nation-wide effort to help boost competition in the market.

“As a result of the global financial crisis, mortgage brokers are now seeing over 90% of all Australian home lending being directed to the big banks and their subsidiaries,” The Rock’s mortgage and insurance broking executive Warren Darnill said.

“This excessive market dominance didn’t exist before the crisis and it robs home buyers of genuine choice in funding what, for many, will be the largest investment they’ll ever make.

“Because of this, The Rock has partnered with National Mortgage Brokers (nMB), an Australian-owned and based mortgage broking company with a nation-wide customer base, to offer a unique line of home loan products under the nMB brand.”

The partnership will see a nationwide roll-out of selected Rock home loan products through the nMB network. The partnership will provide another avenue for delivering these Rock products as a genuine alternative to the big banks in the national mortgage market.

“This is great news for Australian home buyers who have been denied real choice and competition when buying a home or investment property,” Mr Darnill said.

“At the same time for Central Queensland, it is fantastic to see our own local home-grown building society take on the big city-based banks ...”

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