Leading aggregator Finsure Group has today announced plans to expand its white label offering Myloan, with the launch of a new product line called ‘Myloan Plus’, which is funded by award-winning non-bank lender Pepper Money.
The aggregator’s broker network will have access to its Myloan Plus product, designed to serve residential home loan alternatives to products offered by the major banks from Wednesday 26 October and commercial loan options in the near future.
Myloan Plus is intended to help Australians who don’t fit the standard criteria, such as those who are self-employed who require a common-sense approach towards acceptable income types whilst obtaining a home or commercial loan.
Customers have the option to borrow up to 95 per cent of a property’s value on purchases with no affiliation to Lenders Mortgage Insurance (LMI). Additionally, the Myloan Plus product range can include loan terms for up to 40 years and cash out or debt consolidation up to a 90 per cent LVR across Prime to Specialist borrower profiles.
Finsure CEO, Simon Bednar, 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. We are now able to offer the full spectrum of solutions from Prime to Specialist,” Mr Bednar said.
Pepper Money’s General Manager Mortgages and Commercial Lending Barry Saoud said: “This new white label offering highlights the strong and ongoing partnership we have had with Finsure over many years, and with the launch of Myloan Plus products, we take this partnership to the next level.
“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,” said Mr Saoud.
Also commenting on the launch, Pepper Money’s Head of White Label and Strategic Partnerships, Mathew Rehayem said: “In the current home loan market, many lenders have tightened their lending criteria, resulting 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.
“Myloan Plus represents the latest pathway to home ownership, combining flexible product offerings with real-life scenarios and understanding that not every customer ticks all the traditional boxes,” he said.
Mr Bednar concluded, “This white label partnership with Pepper Money strengthens the diversity of our offering for brokers and customers alike, so 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.”