Aussie Home Loans has diversified into asset finance, announcing partnerships with three of the four major banks.
The group’s new offering will cover property, equipment and transport leasing and purchases, as well as other commercial uses, with ANZ, Macquarie Bank, CBA and Westpac forming the initial panel of lenders.
Chief executive James Symond said asset finance will open even more doors for its 1,060-strong broker sales force.
“Asset finance will help our brokers to diversify their product offering, create stickier customers and ultimately, continue to grow the incredibly strong monthly settlement averages they are achieving, which can be upward of $6 million per month for our 180 branded retail stores,” he said.
“Many of our brokers are already accredited and actively selling asset finance, but we’ve now formalised our offering and, importantly, integrated asset finance into our sales software to make sure the application process is quick, easy and seamless for our brokers and customers.
“Doing things better, smarter and more efficiently is what we’re focused on so we can continue to help our brokers grow even stronger, more profitable businesses.”
The asset finance market in Australia is now worth $42 billion, and brokers have around a 30 per cent share, according to Aussie.
“That’s approximately a $14 billion opportunity for our brokers,” Mr Symond said.
“It’s a natural extension to our product portfolio of home loans, personal loans and insurance, and a no-brainer for our brokers.”