February 15, 2021
Mortgage Choice is offering its brokers access to the industry’s fastest home loan approval, launching its Mortgage Choice Propel home loan at the Company’s 2021 National Conference.
Mortgage Choice Home Loans Propel offers a competitive solution to a common broker pain point - delays in lender turnaround times. Mortgage Choice will be the first aggregator group to offer a white label solution backed by Australian Mortgage, which was founded in 2017 and led by industry veterans including James Green, Kym Dalton, Graham Andersen, Luke Andersen, Phil Hurditch and Brad Seymour.
General Manager, Product and Corporate Communications at Mortgage Choice, Emma Dupont-Brown said “We have been working on this launch with Australian Mortgage for over a year. Mortgage Choice Home Loans Propel will revolutionise the way our brokers serve their customers, giving them the ability to offer a verified home loan approval in 15 minutes.”
“Our brokers will now be able to offer customers the peace of mind that they won’t miss out on buying their dream home or have to wait weeks or even months of uncertainty to refinance. Our rapid approval process combined with electronic docs and title insurance; means we can settle a loan in as little as 24 hours.”
“Speed has arguably never been more important in our industry. Constrained supply and increasing demand for property has created a sense of urgency for home loan customers to gain access to credit fast. This is the driving motivation behind our newest offering. We want our brokers to be able to move through files quicker, reducing the wait time, empowering their customers to act with confidence.”
“We’ve seen lending partners take steps to adopt components of the digital home loan process such as upfront valuations and bank statements, data scraping and electronic signing. Australian Mortgage incorporates all the latest advancements in the application process in a single experience.”
“This partnership means more customers will be able to benefit from speed, certainty and the confidence of knowing that their home loan is associated with the iconic Mortgage Choice brand.”
“The Propel product boasts a wide credit policy. In fact, 65% of applications submitted by our network in the last two years would have fit the credit profile of the Propel customer,” concluded Ms Dupont-Brown.
James Green, co-founder and Australian Mortgage’s Director of Distribution said, “I’m thrilled to be launching our first white label solution to Mortgage Choice. I started working as a broker in 1993, a year after Mortgage Choice was founded, and I have always held the company in the highest regard. We could not envisage launching with a better partner.”
“Mortgage Choice brokers will be able to offer on the spot approval to their customers thanks to our digital 2.0 mortgage platform, which harnesses the power of broad-spectrum credit approval algorithms and Open Banking. I made my career as a broker, owning some of Australia’s largest brokerages, so I know first-hand the challenges that brokers face. Mortgage Choice Propel is a game changer for the mortgage industry and will massively reduce the friction that currently exists in the lending market. We are thrilled about the future of this partnership and I can’t wait to see the positive impact it will have on Australian borrowers,” concluded Mr Green.
Propel marks the second white label product launch for Mortgage Choice, which launched Mortgage Choice Home Loans Ignite with Pepper Money in February 2020.
Mortgage Choice brokers will be able to offer the Propel Home Loan from the 25th of February 2021. This includes tailored residential home and investment loans for purchase, refinance and debt consolidation with no Lenders’ Mortgage Insurance as well as flexible loan options, offset and unlimited redraw and online and mobile account access using BPAY, Pay Anyone and Direct Credit.
