Contrary to reports in the trade press, Australian Seniors Finance (ASF) has confirmed with Mortgage Business that the company will continue to offer loan products to the market.
John Thomas, managing director of ASF, said the company had only decided to cease selling equity release products through the broker channel.
Mr Thomas said that the company would instead concentrate on its core channels of distribution, such as via credit unions.
“Every provider is impacted by the tightening of funds at the moment and we are simply preserving our available funds for our key distribution channels,” Mr Thomas said.
“The broker channel has never been a major distribution channel for ASF.”
Mr Thomas also emphasised that ASF was not necessarily permanently terminating distribution through the broker channel.
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