N1 launches new mortgage suite and joint venture

by Tas Bindi•06:45 AM, 26 Jul 2019•10 minute read

The ASX-listed financial and property services firm has announced the launch of self-branded mortgage products, as well as the establishment of a joint venture with Smartkey Property.

N1 Holdings (N1H) has revealed that it has launched a suite of self-branded home loans, called N1 Plus, under a wholesale arrangement with an undisclosed lender.

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The suite includes a range of prime, specialist and low-doc loans, including expatriate and interest-only loans. It also offers loans with an 85 per cent loan-to-value ratio with no lenders mortgage insurance.

Ren Hor Wong, CEO and executive chair of N1H told The Adviser that interest rates start at 3.32 per cent p.a. for owner-occupiers.

“It’s pretty much standard to products in the market, but N1 brokers have better control from application to post-settlement,” he said.

Mr Wong told The Adviser that the Australian Securities Exchange-listed firm plans to make N1 Plus home loans available to external brokers in the future.

In explaining the rationale for launching the new suite of loans, the N1H chief executive said offering self-branded home loans means the company’s brokers can be involved in the “whole process”, even at the post-settlement stage.

“[This] allows us to better service our clients and also gain more trust,” Mr Wong said.

“We believe brokers’ service proposition is continuing helping them even after settlement, and being in a wholesale arrangement allows us to continue to help our clients with our own brand.”

NH1 also announced forming a joint venture, called Loan 77, with Smartkey Property, which offers a “full service settlement solution” to developers and agencies in Australia, New Zealand, the UK and the US. Smartkey has reportedly settled more than 6,000 properties around the world with a combined value of over $4.5 billion.

Mr Wong told The Adviser that Loan 77 will allow Smartkey to refer clients to N1 brokers.

“Smartkey has a huge pipeline of settlements in the coming 12 to 24 months, and having a long-term working partner such as N1 Loans [has the] advantage of convenience for Smartkey, offering a full suite of services to [its] clients,” he said.

“From N1’s perspective, we can work with Smartkey and handle their leads, and from the perspective of Smartkey, they are telling their clients they have a reliable financing partner to assist them with their settlement of purchases.”