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Aggregator Finsure Group has partnered with a start-up deposit lender, becoming the first aggregator to join with the lender.
Following the company’s recent launch in March 2021, deposit lender OwnHome has officially partnered with aggregator Finsure Group.
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OwnHome has been touted as the first lender to provide brokers with upfront and trail commission on a deposit loan and the combined 80 per cent mortgage loan, effectively doubling a broker’s commission earnings on settled loans.
Finsure’s head of operations Kon Shizas said that the product offerings can significantly reduce upfront costs for home buyers.
Mr Shizas said the new partnership between both groups would support the group’s goal of expanding into third-party channels.
“We’re incredibly excited to be the very first aggregator to partner with OwnHome,” Mr Shizas continued.
“Their dynamic approach fits nicely with Finsure’s culture, and I’m confident our brokers will welcome them with open arms.
“I’m particularly excited about the opportunity OwnHome offers our brokers, as their second mortgage solution will assist first home buyers to enter a red-hot property market.
“OwnHome has focussed on delivering an exceptional broker and customer experience, with an online portal that can deliver answers within 60 seconds.”
The non-bank lender has also boasted of another perk for brokers, with co-chief executive of OwnHome, James Bowe, stating: “We are proud that OwnHome has zero clawback on our upfront commission.
“We will never penalise a broker for refinancing their client when it’s in their client’s best interest[s].”
Stressing that brokers are “such a wonderful resource for aspiring home owners”, Mr Bowe said: “It is only fair that brokers are able to keep the commission they earn when they help a family become a home owner.”
The co-CEO said that brokers should receive appropriate compensation for their work without the additional stress of future clawback as they provide a “valuable service for owner-occupiers”.
OwnHome joined the lending market with the intent of allowing prospective buyers into the market amid rising house costs, having launched its Deposit Boost Loan in September 2023, which allows customers to secure a principal and interest variable rate loan worth up to a 20 per cent deposit.
Customers can then use the loan to secure the remaining 80 per cent of their mortgage from OwnHome’s list of lender partners.
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