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Jessica Darnbrough
Mortgage Choice is just days away from signing an agreement with a funder to distribute its own range of home loan products.
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The brokerage’s chief executive officer Michael Russell told The Adviser that the products would be available as early as November.
The company’s move into home loan products follows in the footsteps of brokers such as Aussie and Loan Market, which currently distribute their own products as well as sell those from other lenders.
Mr Russell said the new range of products would not be branded Mortgage Choice, but would rather be a standalone suite that would have to fairly compete with the brokerage’s other 24 lenders.
“Brokers will not be given extra remuneration benefits for selling these products. Instead these products will have to compete with the other lenders in both pricing and servicing times,” he said.
According to Mr Russell, the main reason Mortgage Choice decided to offer its own home loan products was to insulate the company and its clients from future market volatility.
“At the end of last financial year, some of our lender’s turnaround times had blown out to four weeks. By having our own suite of products, we will be able to guarantee our clients fast, reliable service at all times,” he said.
