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Choice Aggregation Services (CAS) has beefed up its lending panel with the announcement that it will now offer credit union mortgages to its brokers.
From today Choice will partner with Phoenix Mortgage Management to give its broker members access to a range of credit union mortgages.
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According to Choice chief executive officer Stephen Moore, credit unions have long been an important channel of financing for Australian borrowers. The new access for Choice members to mutuals injects much needed competition to the mortgage market.
“Credit unions have a reputation for providing borrowers with competitively priced mortgages and good service; they also have excellent community ties,” Mr Moore said.
“They have created a strong and loyal customer base and remain a stable source of funding for Australians.
“Through adding Phoenix to our lender panel, our members’ customers will now have much greater choice when it comes to mortgage financing,” he said.
The Choice announcement comes three months after PLAN Australia and Phoenix formed a cooperative scheme that gave the aggregator’s broker partners access to credit union mortgages.
Allan Willoughby, chief executive officer of Phoenix, said the program leverages two powerful pillars: the strength of the mutual proposition plus the distribution capabilities of the third party channel.
“NCCP legislation plus a coming of age for the industry has attracted the attention of the mutuals and they now view third party distribution as an essential source of business growth,” Mr Willoughby said.
