July 11, 2011.

The mortgage aggregator, Vow Financial, has joined forces with Allianz Australia in a move that gives its brokers the opportunity to earn ongoing income by being able to offer insurance services to their clients.

Allianz Australia, a subsidiary of one of the largest general insurance providers in the world, will offer all housing-related insurance products to the clients of Vow's brokers at competitive rates. The agreement between Vow and Allianz was completed in May.

Vow chief executive officer Tim Brown says: "In a difficult economic climate for brokers, it's important that we find alternative sources of income for them - and that's exactly what this partnership with Allianz achieves.

"Already a healthy percentage of our brokers are using Allianz, and we expect more to join up as they come to appreciate Allianz's competitive offering in this market."

Allianz Managing Director, Terry Towell, says: "We are pleased to partner with Vow Financial to provide a general insurance solution for their network.

"Insurance is an important consideration when taking out a home loan. It is in both the broker's and borrower's best interest to put in place an appropriate insurance solution and ensure protection is in place. Allianz provides a simple, low touch insurance service that allows the broker to deepen their relationship with the customer, as well as earn additional income."

Vow's decision to link up with Allianz is part of a determined push by the aggregator to diversify its brokers' sources of income.

Recently it entered the financial services space by setting up Vow Wealth Management, a joint venture with a financial planning firm. Vow's longer-term goal is to set up more joint ventures with like-minded financial planning firms.

Vow also offers its brokers the opportunity to offer their clients vehicle and equipment financing.