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Jessica Darnbrough
Aggregation groups have reported an upswing in volumes for their white labelled products in recent months.
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LJ Hooker Financial Services’ general manager Peter Bromley told The Adviser that the recent backlash against the banks following the November rate decision had helped the company boost volumes for its white label product.
“Brokers and consumers are starting to see us as a true alternative to the majors. Our rate is one of the cheapest on the market because we did not lift above the RBA in November,” he said.
“In addition, we can offer a quick turnaround and excellent customer service. While our volumes are not where we would like them to be just yet, they are getting there. The product is still in its early stages and does not cater to every borrower – which is why we will expand our product range in the New Year.”
Mr Bromley said the new range would be designed so as to cater to every borrowers need.
“We want to be a real alternative to the majors and we are definitely on the right track.”
But while Mr Bromley was confident the company could become a real alternative to the majors, FAST's managing director Steve Kane was less optimistic.
"Our white label product currently accounts for approximately 5 per cent of our volumes, and that number is growing. But while I am pleased to see a good uptake of the product I know it will never replace the majors.
Borrowers will always want to use the majors."
