PLAN Australia rolls out two white label products

The new PLANEDGE commercial and PLANEXCEL residential white label products aim to provide direct access to more options in the residential and commercial space, according to PLAN Australia.

Maximum loan amounts available across the products range from $1.5 million on some of the product options to $2 million or $3 million, and is dependent on the policy requirements, PLAN Australia told The Adviser.

According to the aggregator, products are suited to owner-occupiers seeking a maximum loan-to-value ratio of 70 per cent or 80 per cent, and offers options such as mid-doc or full-doc. However, the residential product does not target first home buyers (FHB).

“FHB are not a market segment focus for this suite of products,” PLAN Australia said.

“Our broader white label strategy and partnerships focus on partnering with lenders who provide options covering different and complementary market segments that supports our members and their customers.”

It is also suited for commercial small-to-medium enterprises (SMEs) seeking options for property and flexible business finance solutions, the aggregator added.

PLAN Australia CEO Anja Pannek said the new partnership with Thinktank would provide more opportunities for its broker members to assist their clients with a suitable solution.

“PLAN Australia’s strategic partnerships allow us to work closely with our lender partners and target diverse market segments,” she said.

“At PLAN Australia, we are thrilled to be able to partner with Thinktank to offer more options for our members and their customers.”

PLAN Australia, which was founded in 1999, has more than 1,600 broker members.

“As the lending environment continues to change and evolve, PLAN Australia continues to look for new ways to partner with business that provides opportunities for their members,” Ms Pannek said.

Thinktank CEO Jonathan Street said the lender was pleased to partner with PLAN Australia to make available commercial, residential and self-managed superannuation fund mortgage product options to the aggregator’s broker network.

“Our central objective is to provide brokers and their clients with financial solutions that meet individual needs and back up every transaction through highly skilled and experienced hands-on support from our national team of partnership and relationship managers,” he said.

“We very much look forward to working with the PLAN team and their members to help create new opportunities, support quality client relationships and grow broker businesses.”

The latest announcement has followed a similar partnership with Thinktank by Choice Aggregation, which also launched two white label products recently: ChoiceEdge and ChoiceExcel.

ChoiceEdge loans will be predominantly used for commercial property transactions that consist of purchase, refinance and the release of equity.

The offerings are available for owner-occupiers and investors in residential and commercial property, and for self-managed superannuation fund (SMSF) borrowers in both the residential and commercial market.

White label products are increasingly being adopted by aggregations groups. PLAN Australia recently partnered with specialist lender Pepper Money to launch PLANCustom, which covers a range of customers, including those who qualify for prime and specialist lending products, and PLANElevate, which covers commercial loans of up to $3 million.

Simillarly, Mortgage Choice also partnered with Pepper Money to launch its own white label specialist lending mortgage, Mortgage Choice Home Loan Ignite.

Data released by the Mortgage and Finance Association of Australia (MFAA) this week found that the share of broker-originated lending settled with the white label loan segment increased by 0.7 percentage points between January and March 2020 to 6.2 per cent.

This compares to 5.5 per cent in the October to December 2019 period, and 5.4 per cent in the July to September 2019 period, according to the MFAA Industry Intelligence Survey 10th Edition, which covers the six-month period between 1 October 2019 and 31 March 2020.

“Market share of broker-originated business to white label lenders continues to recover with a second consecutive quarter-on-quarter increase mirroring the growth in settlements,” the report said.

“Early indications show that the segment may have turned a corner and onto the road to recovery, after halting consistent declines dating back to the September 2019 quarter. It remains to be seen if the segment can maintain its recovery and growth trajectory over the next six months.”

Comparing the October 2019 to March 2020 period to the previous six months, the value of broker-originated home loans settled in the white label lender category recorded marginal growth of 2.1 per cent.

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