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Residential mortgage lender Wave Money has joined Loan Market’s lender panel, as it expands its broker offering.
The agreement represents Wave Money’s largest aggregator partnership, connecting with more than 800 brokers operating under the Loan Market and Bring Your Own Brand (BYOB) offerings.
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The move takes Loan Market’s lender panel to 68, and comes soon after non-bank lender Bridgit joined in September 2022 and has continued the group’s lender expansion to provide brokers with more options.
The relatively new non-bank lender, founded by former Mortgage Choice chief executive John Flavell and Andrew Chick (former CEO Royal Bank of Scotland ANZ), delivers residential mortgage solutions “exclusively” via the broker channel.
Wave Money said it services a pool of borrowers whose “needs are not being met by traditional bank and non-bank lending institutions”.
The lender has offered products across owner-occupiers, investors, PAYG employees, self-employed and people with life events that have affected their credit score, with more specialist solutions on the horizon.
Mr Flavell said the partnership with Loan Market is “in line with our ethos” and we are looking forward to delivering great service and solutions to the Loan Market broker network.
“We are absolutely delighted to be working with Loan Market and their growing network of quality brokers who consistently deliver great outcomes for their customers,” Mr Flavell said.
It also comes after the lender launched into a partnership with asset management service provider Asset Management Ltd (AMAL) to provide its post-settlement loan services.
The partnership with AMAL will allow Wave Money to leverage its range of products and technology solutions for lenders and borrowers.
Loan Market expands lender panel
As Loan Market prides itself on an “end-to-end” paperless experience, the inclusion of Wave Money’s digital offering is in line with its “seamless” service offered to brokers.
Loan Market managing director Andrea McNaughton said brokers can utilise Wave Money to better serve their customers with unique challenges, including self-employed clients.
“Wave Money recognises the close bonds brokers have with customers across Australia and are committed to being a partner in that broader mortgage experience,” Ms McNaughton said.
“At Loan Market, we’ve improved the knowledge and best practice processes of our brokers around self-employed applicants as we move to be a leader for this growing segment of the market.”
Ms McNaughton said Loan Market’s lender panel had grown to a size whereby we’re only looking to add lenders that “genuinely add broader value” to our brokers’ offering, delivering choice and solutions for all their clients.
“Our business model supports growth for brokerages of all sizes and our lender panel likewise supports flexibility in customer solutions,” Ms McNaughton said.
[Related: New lender picks loan services provider]
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