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Better Choice has announced a partnership with the aggregator to enhance commercial loan solutions for brokers.
Part of BNK Banking Group, non-bank lender Better Choice has announced it has “joined forces” with aggregator VOW Financial in order to further boost its commercial loan solutions for brokers.
Paul Bakker, national sales and partnership manager at Better Choice, noted this partnership follows the non-bank lender removing all clawbacks for brokers dealing with commercial products and improvements to its commercial product range.
Better Choice removed its clawbacks for brokers in August 2023 in order to help brokers who sought to diversify into commercial lending.
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“Whether it’s for an Alt Doc loan under our Ultimate Product Range, or a Commercial loan specialising in Alt Doc, Lease Doc, and SMSF Easy Refi, we have always been the go-to for brokers looking for an alternative loan solution,” Bakker stated.
Speaking on the partnership, VOW’s head of commercial and equipment finance Glenn Mitchell said he was excited for the alliance to be officially launched during a commercial conference in Adelaide.
“We’ve been keeping an eye on Better Choice for a while now and believe there are a lot of similarities in how our two organisations operate,” Mitchell said.
“Not only does Better Choice have an incredibly competitive and diverse product offering, but I have been very impressed with their back-office operations. They truly care about their broker partners and their customers, prioritising service above all else.”
Additionally, Bakker announced that it has promoted its NSW commercial manager Shay Lena to national commercial manager.
“As the new national commercial manager, Shay Lena will be in charge of our growing commercial offering, which will be further improved by our recent collaboration with VOW Financial,” Bakker said.
“He is supported by a group of business experts who are dedicated to assisting our brokers in obtaining commercial financing and we are committed to helping brokers in establishing new referral relationships with accountants, financial planners, debt management specialists, and legal services.”
In October last year, the non-bank lender reduced the assessment buffer for dollar-for-dollar refinances to 1 per cent for its Ultimate Product Range in a bid to assist brokers in refinancing customers faced with serviceability hurdles.
The non-bank lender also confirmed at the time that it increased loan sizes to $1.75 million from $1.5 million for single security and $2 million for multiple securities from a limit of $1.75 million with a loan-to-value ratio (LVR) of 80 per cent.
[RELATED: Better Choice reduces serviceability buffers]
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