Login
ISCOVER
Connective Elevate home loan application volumes have increased by more than 220 per cent since replacing another retail offer on its lender panel last year.
Connective Home Loans (CHL) has reported that application volumes via its Connective Elevate white label home loan product have increased by more than 224 per cent since it replaced the retail offer of Bluestone on Connective’s lender panel late last year.
To continue reading the rest of this article, please log in.
Looking for more benefits? Become a Premium Member.
Create free account to get unlimited news articles and more!
Looking for more benefits? Become a Premium Member.
In November 2020, CHL announced the launch of the Connective Elevate white label loan product range funded by Bluestone, which provides prime, near prime, and specialist loan options.
The Connective Elevate product replaced the existing Bluestone-branded offering on the aggregator's lender panel, effective 16 November 2020.
CHL has now reported that applications volumes surged from $176 million between February and October 2020 to $571 million between November 2020 and June 2021, according to figures provided by Connective to The Adviser.
The Connective Elevate prime product has up to 90 per cent loan-to-value ratio for owner-occupied principal and interest loans, with no lender’s mortgage insurance, and rates from 2.44 per cent per annum.
In addition, it offers unlimited debt consolidation, alt doc income verification, and case-by-case credit assessment with no system-based scoring, and includes tools such as online credit policy, and a postcode tool to ensure that brokers are confident around the security they are offering.
It also offers a servicing calculator and an impairment selector that assist brokers with placing clients with more complex credit history into the credit product.
Brokers are provided ongoing training and support and direct access to the lender’s credit assessment team, according to CHL.
Under Connective Elevate, brokers can access the same products, features and rates as previously offered by Bluestone. Connective increased the upfront commissions for all Connective Elevate Prime products from 0.60 per cent (plus GST) to 0.65 per cent.
The partnership between Connective and Bluestone has been established to allow equal input into product development, pricing, policy and service delivery, and has provided Connective brokers with the opportunity to provide feedback on the product, according to Connective Home Loans.
Commenting on the Connective Elevate product range, head of CHL Michael Goerner said: “Direct access for brokers to our credit assessment team, and turnaround time to credit assessor decision of just one day, has led to increased efficiency across the board with brokers using this product – and Connective’s Lender Turnaround Dashboard tells us Connective Elevate is regularly in the top 10 for fastest time to formal approval.
“We appreciate that every customer for every broker is unique, so with Connective Elevate we assess each scenario on individual merits. We don’t stereotype – we genuinely try to understand the customer story so we can provide the best solution possible.”
Mr Goerner continued: “Our brokers’ success is our success, so we’re confident Connective Elevate can deliver market-leading outcomes because it’s shaped by feedback from the people that matter most – the brokers and their customers.”
Connective Elevate is the fifth funder for CHL, whose product range includes Connective Essentials (funded by Advantedge), Connective Solutions (funded by Pepper), Connective Select (funded by Adelaide Bank), and Connective Advance (funded by Thinktank).
[Related: Connective posts 88% growth in home loans division]
JOIN THE DISCUSSION