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The white label arm of the aggregation group has partnered with its sixth lender to roll out a bridging loan solution.
Connective brokers can now offer white label bridging products to their clients following a new partnership between the white label lending solutions arm of the group, Connective Home Loans, and non-bank lender Bridgit.
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Connective Bridge, developed in partnership with the specialist bridging lender, is the sixth white label product developed through Connective Home Loans.
The new solution has been designed to empower home owners by leveraging their property equity in a “hassle-free solution”.
The product – which has up to a 12-month term – covers downsizer, upsizer, and retiree bridging loans and reportedly can reach conditional approval within 24 hours.
Connective Bridge does not have clawbacks and is supported by a team that can provide real-time scenario workshopping and utilitises a digital application process for brokers and their clients.
According to the aggregator, the launch of the new product comes in “direct response to the growing demand for bridging loans in the current property market”.
Indeed, Bridgit recently revealed it had seen a 375 per cent increase in broker applications (volume of broker applications in July and August 2024 versus July and August 2023).
Speaking of the launch, Connective CEO Glenn Lees said: “At Connective, our top priority is delivering value to our members by continuously evolving our offering with innovative solutions to meet their needs.
“By partnering with Bridgit to launch Connective Bridge, we’re providing a product that not only opens doors for brokers but for home owners who need financial agility during significant life transitions.”
Michael Goerner, the head of Connective Home Loans, said: “Connective Bridge is the perfect example of how we are evolving our product suite to keep pace with changing market demands. As the market shifts towards more non-traditional loan types, this product helps us continue offering brokers solutions tailored to every client. We’re proud to offer the broadest lending range in the market, ensuring that brokers have the right lending options to support their clients in any situation.”
This is Bridgit’s first white label partnership, with CEO and co-founder Aaron Bassin, saying that the lender was “delighted to be partnering with Connective to help even more home owners leverage their property equity for their next step”.
“We believe every Australian should be able to enjoy the benefits of bridging finance and this partnership is an important step in making that a reality,” he said.
“The Connective broker network is one of the largest and most professional in the country, and we look forward to empowering them with a simple, accessible, and flexible bridging solution to confidently offer their clients.”
Bassin noted the significant demand in the bridging loan space recently: “Over the past 12 months, we’ve seen a 375 per cent increase in bridging loan applications from brokers, and we expect this demand to continue growing with the launch of Connective Bridge as more customers have access to this offering.
“We couldn’t be more excited to work with Connective and help brokers meet market demand with a trusted, seamless and specialised solution.”
The new loan offering is the sixth white label solution developed in partnership with lenders through Connective Home Loans, which also includes:
- Connective Essentials, funded by Advantedge (part of the NAB Group), which offers a simple home loan for the essentials.
- Connective Select, funded by Bendigo and Adelaide Bank Limited, which offers variable and fixed loans for those who want flexibility (such as a 100 per cent offset).
- Connective Elevate, funded by Bluestone, which offers a wide range of home loans from prime through to specialist.
- Connective Solutions, funded by Pepper Money, which offers loans for those needing near-prime or specialist solutions.
- Connective Advance, funded by Thinktank, which provides loans for those wishing to purchase or refinance a commercial property or borrow in their SMSF.
Connective Home Loans saw strong growth in the financial year 2024, with 54 per cent of Connective brokers writing loans through the lending arm – a new record and a 4 per cent increase on the previous year.
Brokers settled $4.5 billion in Connective Home Loans, a 15 per cent increase yoy, while applications grew 8 per cent over the year, to $6.22 billion.
Half of the white label loan transactions were for near-prime loans, according to the aggregation group (up from 25 per cent in previous years).
Connective brokers have reportedly applied for $5.2 billion in loans over the year to date.
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