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The aggregator has partnered with a non-bank lender to expand its white label offering with two new products.
Choice Aggregation has announced a partnership with commercial lender Thinktank to launch two new white label products.
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The new ChoiceEdge commercial and ChoiceExcel residential white label products aim to provide more choice for customers to “find the best product to suit their needs in a constantly shifting market”, Choice said.
ChoiceEdge loans will be predominantly used for commercial property transactions that consist of purchase, refinance and the release of equity, the aggregator told The Adviser.
These loans will usually be funded under a full doc, mid-doc, alt doc and quick doc (self-certification) arrangement.
Commercial loans range from $100,000 to $3 million depending on the product selected.
The ChoiceExcel residential loans range from $100,000 to $2 million, depending on the number of properties offered as security. The product offers a maximum loan of $1.5 million for a single security.
The offerings are available for owner-occupiers and investors in residential and commercial property, and for self-managed superannuation fund (SMSF) borrowers in both the residential and commercial market.
SMSFs may use the products for purchases and refinances with simple and complicated structures.
According to Choice, it is not expected that many first home buyers would use the residential product because the maximum loan-to-value-ratio is 80 per cent.
Commenting on the partnership, Choice Aggregation CEO Stephen Moore said: “We partner with agile, progressive lender partners with a proven track record of reliable financial products and services. This new partnership with Thinktank exemplifies that commitment to our membership and to help drive a competitive and forward-thinking industry.”
“We believe that the key to our members’ success is to be constantly in tune with a market that never stops changing. By expanding the opportunities available to our membership, we are ensuring they have the best possible resources to help service their clients in our dynamic industry.”
Jonathan Street, CEO of Thinktank, said the partnership with Choice to create the white label products “marks a major milestone for Thinktank”.
“As a recognised and established non-bank lender that shares the same values, this is a wonderful opportunity for us to directly work with and support Choice members with a broad suite of commercial and residential mortgage products,” Mr Street said.
“Our team of highly skilled and experienced finance professionals always place the interests of brokers and their clients above all else, and we look forward to working with the Choice team and Choice members in assisting them to diversify and grow their business to their full potential.”
Choice is the latest to launch white label products after similar moves by other aggregators this year.
PLAN Australia partnered with specialist lender Pepper Money to launch PLANCustom, which covers a range of customers, including those who qualify for prime and specialist lending products, and PLANElevate, which covers commercial loans of up to $3 million.
Mortgage Choice also partnered with Pepper Money to launch its own white label specialist lending mortgage, Mortgage Choice Home Loan Ignite.
[Related: Finsure loan book grows, new partnership announced]
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