Mortgage Choice is experiencing growing demand for its white-label mortgage products and attributes the interest to a strategic approach that prioritises collaboration with brokers and white-label partners.
The aggregator has four white-label products on its panel: Mortgage Choice Freedom powered by Athena (Athena Home Loans), Mortgage Choice SmartSelect (Advantedge), Mortgage Choice Ignite (Pepper Money) and Mortgage Choice Amplify (Bluestone).
Mortgage Choice CEO Anthony Waldron (pictured above centre) said white-label demand has been trending up, and FY24 settlement data showed penetration has grown four-fold year-on-year.
So how has Mortgage Choice worked with its white-label partners to deliver products that resonate with brokers and borrowers alike?
Waldron attributes the change to working proactively with the company’s white-label partners to understand what brokers and their customers need in the current market.
“For us and our white-label partners, it’s not just about creating and launching a product, it’s about working with brokers to ensure the products continuously add value, and the end-to-end process and support meet brokers’ needs,” Waldron said.
Mortgage Choice has worked closely with Pepper Money to deliver several changes to the Mortgage Choice Ignite product in response to market conditions, including changes to income verification, tax debt, and private and solicitor debts.
“Since the launch of Mortgage Choice Ignite, we’ve observed various trends in customer profiles from prime and near-prime, through to specialist cohorts,” said Mathew Rehayem (pictured above left), Pepper Money head of white label and strategic partnerships.
“These trends aren’t random but a reflection of evolving market conditions, with borrower profiles increasingly shifting from prime to non-conforming in the past 24 months.
“Our partnership has empowered us to support the Mortgage Choice network to adapt to these shifts, providing their brokers and clients with a wide range of real-life options. Key to the success of this partnership is being responsive to the market.”
Mortgage Choice broker Deslie Taylor (pictured above right) has witnessed the evolution of the aggregator’s white-label offering over the years.
“There has been seen a significant shift in our white-label product offering and we have white-label lenders that can accommodate almost any scenario,” Taylor said.
“In this market, white-label lenders are having the biggest impact for borrowers looking to refinance or purchase a new property thanks to lower serviceability buffer rates, providing much needed repayment relief.”
Another benefit of having white-label products on panel is flexibility and an openness to think outside the box.
Waldron said Mortgage Choice’s white-label product suite has that in spades.
“We’ve sought to achieve greater alignment with white-label lender partners, and we believe that our current white-label program provides solutions for a large cross-section of customers,” said Waldron.
“From prime lending to solution-based products for customers with more complex financial situations or credit histories, the white-label products on our panel deliver exceptional customer outcomes – particularly for those customers who may not qualify for a loan with a major lender.”
The comments come one day after non-bank lender Athena Home Loans launched a suite of tailored products packaged under the white label Mortgage Choice Freedom range.
The range of specialist products are designed for investor and self-employed borrowers and were co-designed by brokers.
Already operating under one of the strongest broker brands in the business, Mortgage Choice brokers have an added boost from the get-go when leveraging the aggregator’s white-label offerings.
“When customers already trust a brand, they are more likely to engage with its products, and in doing so deepen their affinity and advocacy for that brand,” Waldron said.
But it’s not just the broker-customer relationship that benefits.
When they are working well, white-label partnerships allow aggregators and their brokers to work closely with the respective lender, according to Waldron.
“Involving brokers in the product design and ongoing improvement ensures that the white-label experience is exceptional for brokers and their customers. We want to provide innovative products and services through the Mortgage Choice brand,” Waldron said.
“For example, the Mortgage Choice Freedom product suite was co-designed with our brokers, tested with a pilot group before launch and we continue to run focus groups and survey brokers to seek feedback and insights to evolve and shape the broker and consumer proposition roadmap,” said Waldron.
On-the-ground support from white-label BDMs plays a vital role in assisting brokers. Recognising the importance of this critical relationship, the aggregator created a team of dedicated White Label Solutions BDMs.
“Not only do our brokers have access to the white-label lender BDMs, but they can also lean on the expertise of our in-house Mortgage Choice White Label Solutions team who can help workshop or escalate a loan scenario,” said Waldron.
“This commitment to create a seamless experience for customers has been a critical part of the growth in demand of our white-label products.”
Taylor said the relationship with white-label BDMs was “so important” when trying to find a solution for a customer who would struggle to get their application approved with other lenders.
“One of our white-label BDMs regularly workshops complex deals with my team and I and it’s wonderful to be able to tell our customer their loan has been approved when they’ve heard the dreaded ‘no’ many times before.”
The more insights brokers have into a customer’s loan, the better service they can provide to that customer. However, not all lenders provide the same level of visibility into the customer’s position.
For example, Mortgage Choice SmartSelect and Mortgage Choice Freedom give brokers the ability to see their customers’ loan information post-settlement, including their rate, repayment history and whether they’re in arrears.
“Our brokers have told us that the increased visibility of their customers’ situations enables them to engage in more meaningful conversations and provide improved service, which is critical in market where borrowers are facing high home loan interest rates and cost of living pressures,” said Waldron.
