Finsure has expanded its Myloan white label offering with the launch of a new product line called Myloan Plus.
Myloan Plus is funded by lender Pepper Money, winner of the Non-Bank of the Year at the Australian Mortgage Awards 2022.
Finsure’s broker network will have access to its Myloan Plus product which is designed to provide residential home loan alternatives to products offered by the major banks from October 26 and commercial loan options in the near future.
The aggregator says Myloan Plus is intended to help Australians who do not fit the standard criteria such as self-employed customers who require a common-sense approach when it comes to acceptable income types whilst obtaining a home or commercial loan.
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Customers can borrow up to 95% of a property’s value on purchases with no need for LMI. Finsure says the Myloan Plus product range includes loan terms for up to 40 years and cash out or debt consolidation up to 90% LVR across prime to specialist borrower profiles.
Finsure CEO Simon Bednar (pictured above left) said the upgraded product range was an opportunity to boost Myloan’s presence in the specialist lending market and provide more value for the broker network.
“The Myloan Plus product line funded by Pepper Money will add more than 100 new loan options which will diversify our product offering significantly,” Bednar said.
“We are now able to offer the full spectrum of solutions from prime to specialist.”
Bednar said in addition to the new white label launch and in a move to drive Myloan’s expansion, Finsure’s NSW joint state manager Phil Donaldson had also taken on the role of Myloan’s head of white label distribution. Meanwhile, former eChoice national broker relationship manager Nick Dalamagas was appointed BDM for Myloan.
“I believe Phil and Nick will be instrumental in guiding the brand in this next growth phase,” Bednar said.
“For the last six years, Phil has been the NSW manager for Finsure and was the 2021 FBAA Aggregator BDM of the year. Nick has more than 25 years of industry experience, initially as a mortgage broker and later in a sales development management role at Resi Home Loans. Nick and I are very excited to be part of an initiative that not only drives value for brokers but also their customer.”
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Bednar said white label products had changed a lot over the last few years and now offered high quality at a lower cost to the consumer.
“This white label partnership with Pepper Money strengthens the diversity of our offering for brokers and customers alike,” he said.
“No matter the customer’s situation or their requirements for a home or commercial loan, our brokers are well equipped to find them a suitable option from our comprehensive white-label range.”
Pepper Money general manager mortgages and commercial lending Barry Saoud (pictured above centre) said the new white label offering highlighted the strong and ongoing partnership Pepper Money has had with Finsure over many years.
“With the launch of Myloan Plus products, we take this partnership to the next level,” Saoud said.
“Pepper Money is committed to helping Finsure maintain its high standards of broker service with our latest enhanced digital application process including digital identity verification, electronic signing, simplified valuations and our exclusive technology Pepper Product Selector (PPS) and award-winning innovation Pepper Resolve.”
Saoud said Pepper Money had made it fast and easy for Finsure’s network of brokers to submit their customers’ scenarios through the new Myloan Plus Product Selector tool.
“Within two minutes, the tool accesses their customer’s credit information without leaving a credit enquiry footprint,” he said.
“The Myloan Plus Product Selector tool delivers a Myloan Plus product option that is suitable for the customer almost instantly. Helping brokers to have an efficient conversation with the customer with an indicative interest rate, the repayment amount, expected fees and charges on the spot.”
Pepper Money head of white label and strategic partnerships Mathew Rehayem (pictured above right) said in the current home loan market, many lenders had tightened their lending criteria which resulted in some borrowers being locked out despite being able to service a home loan.
“Pepper Money’s specialist service offering, backed by our expert BDM team, will make the Myloan Plus product range a standout choice for busy brokers and their niche customers with unique and real-life circumstances,” Rehayem said.
“Myloan Plus represents the latest pathway to home ownership by combining flexible product offerings with real-life scenarios and understanding that not every customer ticks all the traditional boxes.”
