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Astute NZ has signed a white-label agreement with non-bank lender Pepper Money to offer a range of eight mortgage products to New Zealand borrowers.
Financial services group Astute NZ has begun offering Pepper Money mortgages to borrowers under a white-label arrangement.
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The range of products will be sold under the Ascenteon brand and comprise eight different product options, including prime, near-prime and specialist loans that aims to meet the needs of “residential borrowers in diverse circumstances”.
The Ascenteon products will be offered through Astute NZ’s network of advisers immediately.
CEO of Astute NZ, Sarah Johnston, said the Ascenteon offering would be a “highly competitive new entrant” into the New Zealand residential lending market.
“Astute is driving consumer choice for borrowers with a suite of loan options that cater to a wide spectrum of borrowers,” Ms Johnson said.
“The products are the result of close consultation by Pepper with stakeholders in the mortgage market.
“They are aligned closely to borrowers’ best interests and we believe they will appeal to borrowers in a lending market that is not uniformly well serviced,” she said.
Meanwhile, Pepper Money’s director of sales and distribution, Aaron Milburn, said the non-bank was “delighted to partner with Astute” to bring the mortgage product platform to New Zealand.
Mr Milburn said: “The Ascenteon platform will combine fully integrated online submission and new-to-market tools for advisers, allowing borrowers an indicative offer in under five minutes.”
He added: “We look forward to supporting the Astute NZ adviser network in introducing a fresh mortgage alternative in the NZ market.”
The partnership will deepen Pepper’s reach in New Zealand, following its 2011 entry into market when it acquired the GE Money loan book.
Pepper’s Australian CEO, Mario Rehayem, added: “Pepper has a longstanding track record of seeking growth in underserved markets. That’s why moving into New Zealand through a white-label arrangement is a natural extension of that strategy.
“We are looking forward to working with Astute to provide their customers with loans that represent genuine choice and a competitive alternative to what is already available in market,” Mr Rehayem said.
[Related: Near-prime the ‘fastest-growing sector’ of lending]
