Amid a leadership reshuffle, tech upgrades and policy changes, mid-tier lender is jostling for space in a crowded mortgage market
There’s a lot happening in AMP Bank’s distribution channel right now.
The prominent non-major lender has shaken up its leadership structure, completely overhauled its digital lending platform and introduced a number of atypical mortgage products that have attracted debate.
Travis Hall (pictured, left) knows this all too well – last month he stepped up as AMP’s new national manager – mortgage broker distribution amid a reshuffle that also saw then-head of lending Paul Herbert (pictured, right) transition into the newly created head of lending and everyday banking customer success position.
In taking the role, Hall was given the mandate to deepen broker partnerships and drive strategic growth through AMP’s third party channel.
As an industry veteran with over 30 years of experience, this might not be the most daunting task Hall has ever faced, but there is certainly no shortage of challenges for him to tackle.
The big broker tech rollout
Hall has been doing the rounds, meeting brokers and aggregators up and down the country to facilitate the launch of AMP’s new custom-built broker platform.
MPA received a hands-on demonstration of the AMP Bank Broker platform in July, learning about key features such as upfront digital verification, real-time credit decisioning, a streamlined application process, faster approvals and settlements, and personalised customer videos.
With the rollout now in full swing, “there's a whole heap of excitement in the industry about what we're doing”, said Hall, particularly around the efficiencies the bank is creating and the reduction in rework for brokers.
Brokers have highlighted the platform’s “speed to decision and speed to communications” as key benefits, said Hall, even if some brokers have noted a bit of a learning curve with the new technology.
Online and in-person training sessions have helped brokers navigate this learning curve, Hall noted; these sessions have also helped to allay some anxieties around the loss of that ‘human touch’ in the loan-origination process.
Brokers have been increasingly vocal about these anxieties amid the large-scale rollout of automation and artificial intelligence technologies across the financial services sector.
The issue arose during MPA’s recent non-major banks roundtable, when mortgage broker Jessica Pringle pressed AMP, among others, on whether brokers can still expect on-the-ground BDM support despite ever-growing tech upgrades.
For AMP‘s part, BDM support is “absolutely imperative” Herbert told the roundtable, although he conceded that “it’s a difficult balance for many lenders to get this right”.
“Tech is an important enabler for efficiency,” he added. “But nothing beats human relationships and quality support. Where our BDMs really prioritise their time, energy and effort is (in) the high-value, high-importance tasks. And to do this effectively they need to have a really good understanding of policy and process. So we invest in training in this area.”
Hall echoed Herbert’s comments.
“Within the platform itself, all we're doing is creating efficiencies for the broker, but a human is involved in the decision making right throughout," he said.
“We're not taking away from the human element. What we're doing is providing increases in efficiencies and providing a more consistent approach to the way we apply our rulings to income and expenses.”
The case of clawbacks
If automation is the emerging anxiety for the broking industry, then clawback policies are the well-trodden bugbear.
They have been linked to poor mental health in the broking industry, with the Finance Brokers Association of Australia (FBAA) stating that eight in 10 brokers were affected by clawbacks in the 21 months to February 2025. Nearly half of brokers have lost over $10,000 due to lenders’ clawback policies, according to the FBAA.
AMP, for its part, moved to a stepped clawback structure this year, which has helped to soften the blow for brokers who have seen their commissions stripped away for reasons outside of their control.
While Hall said AMP is “constantly reviewing and having consultation with brokers and aggregators” on the clawback issue, there are no immediate plans to further improve the bank’s existing structure.
Hall acknowledged that while clawback policies are “a necessary thing on the bank side of the equation,” brokers’ main frustration arises when circumstances beyond their control require them to return commissions.
However, he pointed out that the recent changes to AMP’s clawback policy “have been well received by the brokers” who recognise the importance of a “fair and reasonable outcome for both broker and lender.”
Read more: The case for and against clawbacks
It is not the only AMP product innovation that has drawn attention.
Interest-only loans designed for ‘savvy’ customers
In May, AMP launched an interest-only mortgage with a kick – it came with a 10-year term with no mid-way reassessment.
Critics of interest-only loans argue they come with negative enquiry risk, encourage speculative borrowing, and can catch borrowers off guard once the interest-only term ends – especially when there is no mid-term reassessment.
Hall contended that the product is for “a savvy customer”.
“It’s not designed for everybody,” he conceded. “It’s designed for somebody that understands debt reduction, someone that understands how to utilise their equity and invest in the future.”
He puts himself in this bucket.
The product is “probably suited to someone like myself who’s a pre-retiree looking to get equity in my property, has a reasonable income and looking to leverage off, whether that be cash or investment portfolios… so that 10 years sets me up prior to my retirement.”
Brokers, especially those “aligned with accountants and financial planners,” are seen as key to helping these customers benefit, Hall added.
Getting it right for brokers
As a lender for which 95% of volume comes from brokers, it is imperative that AMP gets its distribution strategy right.
The Australian lending scene is more competitive than ever before, with mid-tier competitors like ING Australia making aggressive plays in the residential mortgage market.
Time will tell if the bank’s new tech upgrades, atypical home loan products and refreshed leadership team will do the trick.
