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A mortgage manager has announced the addition of new loan products to its suite of offerings.
Better Choice Home Loans, part of the Finsure Group which recently merged with Western Australian bank Goldfields Money, has revealed that it has expanded its product base as a result of the new partnership.
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The brand said that by offering more product options it could expand outside of its traditional specialist lending space.
Allan Savins, general manager of banking and wholesale at Goldfields Money, said: “While Better Choice had traditionally been in the specialist lending space, the consolidation of Iden Loan Services, Future Financial, Pioneer Mortgage Services and Nationalcorp Home Loans under the Better Choice brand opened the door last year to offer a greater range of prime residential loans, as well as its core specialist range.
"The acquisition by Goldfields now gives Better Choice even more firepower to add to its nine funding lines across the spectrum of prime, near prime and specialist products."
Mr Savins said that this was a "a big advantage" at a time when larger lenders were tightening their policies.
"Better Choice now has the ability to plug gaps in the mortgage market by manufacturing even more product options through our new wholesale funder, Goldfields.”
Better Choice has now announced that it can offer expats that receive up to 90 per cent of their PAYG summary from foreign income with access to loans of up to $1.5 million.
The lender has also developed a loan product for small to medium-sized enterprises (SMEs) to borrow against their trail book.
“We see SMEs as an attractive segment of the market and will be shortly releasing our next Goldfield’s funded commercial loan product to broaden our suite in this area,” Mr Savins said.
The general manager of banking and wholesale additionally reiterated his commitment to the third-party channel after a “challenging 2018”.
“I completely acknowledge we encountered processing challenges towards the back end of 2018. As a result, we are in the process of onboarding numerous new hires,” Mr Savins added.
The new hires will reportedly be announced in the coming weeks.
Finsure is also involved in the “Don’t Kill Competition” campaign being spearheaded by the Mortgage & Finance Association of Australia in response to Commissioner Kenneth Hayne’s recommendations pertaining to mortgage brokers, including the abolition of trail commissions.
