Boutique aggregator My Local Broker has expanded its white label offering by launching a new product line MLB Elite, supported by Pepper Money.
The winner of the Non-Bank of the Year at the 2022 Australian Mortgage Awards is funding MLB Elite.
MLB’s broker network will have access to the new product, designed to offer residential home loan and commercial loan alternatives to major banks’ products.
MLB said MLB Elite was intended to help Australians with their broad lending needs, including those who did not fit the lending criteria of most traditional lenders such as the self-employed, new business owners, people returning to the workforce, or wanting to consolidate their debt.
Given the current borrower affordability challenges, MLB Elite customers could borrow up to 95% of a property’s value on purchases and there was also an option to borrow up to 85% with no affiliation to Lenders Mortgage Insurance (LMI).
Loan terms of up to 40 years were available, as well as cash out or debt consolidation up to 90% LVR across prime to specialist borrower profiles. MLB said the product also offered a flexible approach to construction and commercial property lending “from retail to warehousing, or hospitality to healthcare”.
MLB CEO Scott McTeare (pictured above left) said the upgraded product range was an opportunity to boost the company’s presence in the specialist lending market and provide more value for its growing broker network.
“Our new MLB Elite loan offer funded by Pepper Money will add new loan options which will diversify our product offering significantly – this substantially enhances our spectrum of solutions from prime to specialist,” McTeare said.
“This partnership strengthens the diversity of our offering for brokers and customers alike, so no matter the customer’s situation or requirements for a home or commercial loan, our brokers are well equipped to find them a suitable option from our new 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 had with MLB over many years.
“This partnership marks an exciting new era for the My Local Broker network and their customers, offering more choice than ever before,” Saoud said.
“Pepper Money is committed to helping My Local Broker maintain its high standards of broker service with our fast approval turnarounds, our leading support network and latest enhanced digital application processes including digital identity verification, electronic signing, simplified valuations and our exclusive Pepper Product Selector (PPS) technology and award-winning innovation Pepper Resolve.”
In its ongoing efforts to educate borrowers about non-banks, Pepper Money this week released its Money Mindset Report, a survey of more than 1,000 people across Australia aimed at understanding how they researched and understood the lending options available to them.
Pepper Money head of white label and strategic partnerships Mathew Rehayem (pictured above right) said in today’s lending environment, it remained incredibly important for Pepper Money to help more brokers deliver a “yes” when other lenders said “no”.
“Our white label program offers our broker partners access to multiple home loan solutions with just one application. If the customer doesn’t quite meet the criteria of the loan first applied for, the application is automatically reassessed to find the loan that best matches their circumstances,” Rehayem said.
“This is the sixth white label partnership we’ve launched in 2022 across Australia and New Zealand and we’ll continue to scale the business with our white label program which allows us to support more brokers, giving them confidence and access to our exceptional service, options to cater to their diverse customer niches and our leading tech solutions.”
In October, Pepper Money announced that it was adding a new product line to its Finsure white label MyLoan.
