Jessica Darnbrough
Just weeks after Mortgage Choice announced its plans to introduce a white label product, its aggregation arm LoanKit has decided to follow suit.
Speaking to The Adviser yesterday, LoanKit head Kym Rampal said the product, funded by Advantedge, would hit shelves at the end of this month.
While he remain tight-lipped as to the name and product specifications, Mr Rampal did say that now was a good time for aggregators launching their own white products because sentiment towards the non-bank sector had never been stronger.
“There is a great amount of dissatisfaction with the majors at the moment and the savvy non-bank lenders are using this to their advantage,” Mr Rampal said.
“Competition is definitely returning for the non-banks. The major’s appetite for loans is dropping, because they took so much on during the GFC and now they are concentrating on raising their margins.”
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