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By: Jessica Darnbrough
LJ Hooker is the latest in a growing number of groups to focus on marketing its own branded products.
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The franchise real estate group has joined forces with Firstfolio to launch its new LJ Hooker Classic Home Loan which will be distributed through LJ Hooker Financial Services.
The launch of the new variable loan, which has an interest rate of 6.65 per cent, follows a successful pilot offering within the LJ Hooker network during the past two months that resulted in the company writing over $30 million in home loans.
LJ Hooker’s move into the lending market is part of a growing trend among brokerages and aggregators that are looking to take greater control of their funding lines by offering their own branded products.
Earlier this month, AFG made the decision to rebrand its own label mortgage division as AFG Home Loans.
And there have been similar moves from FAST and Choice in recent months while Aussie has also beefed up the emphasis on its own products.
LJ Hooker Financial Services general manager Peter Bromley told The Adviser that there was growing demand among brokers for lenders with a strong service focus and credit appetite that will meet the needs of their customers.
“Our long-term goal is to increase our market position and we believe offering home buyers and property investors new products such as home loans at a competitive rate and with more features than the big banks offer will help us achieve that,” he said.
Mr Bromley said once the product had found its feet, LJ Hooker would take the necessary steps to improve and tweak the home loan in accordance with consumer demand.
"Once we have our first product right, we will look to extend our reach and ultimately create a full suite of home loan products."
