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Jessica Darnbrough
Just weeks after Mortgage Choice announced its plans to introduce a white label product, its aggregation arm LoanKit has decided to follow suit.
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Speaking to The Adviser yesterday, LoanKit head Kym Rampal said the product, funded by Advantedge, would hit shelves at the end of this month.
While he remain tight-lipped as to the name and product specifications, Mr Rampal did say that now was a good time for aggregators launching their own white products because sentiment towards the non-bank sector had never been stronger.
“There is a great amount of dissatisfaction with the majors at the moment and the savvy non-bank lenders are using this to their advantage,” Mr Rampal said.
“Competition is definitely returning for the non-banks. The major’s appetite for loans is dropping, because they took so much on during the GFC and now they are concentrating on raising their margins.”
