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White label loans gain popularity

by Reporter4 minute read
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Brokers and their customers have been endorsing white label home loan products, according to a new survey from Advantedge Financial Services.

Research conducted by wholesale funder Advantedge Financial Services which involved a survey of 553 brokers and 726 customers has reported a strong broker Net Promoter Score (NPS) of +40 and a customer NPS of +38 for Advantedge’s service offering.

Further, on average, brokers who helped set up white label home loans for their clients received an NPS of +76, with four out of five customers “extremely likely” to recommend their broker.

Advantedge general manager Brett Halliwell said: “The latest NPS and survey results also show that we are delivering on providing brokers with strong service and a simple and easy product with great rates. In fact, two-thirds of end customers are now ‘extremely happy’ with the service they receive, which is a record high.”

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Mr Halliwell added that brokers highlighted service, support from business development managers (BDMs) and overall product offering as key factors for recommending Advantedge to other brokers.

“Brokers scored their BDM an average of 8.9 and highlighted their extensive knowledge and expertise with a score of 9.1,” the GM said.

“Our BDMs do an excellent job in providing hands-on support and it’s great to see this being recognised. According to brokers, Advantedge BDMs are among the best, and they speak highly of them at a personal level, praising them for going the extra mile.”

The survey also found that the types of customers to whom brokers are most likely to recommend white label home loans are owner-occupiers (81 per cent) and customers refinancing from major banks (76 per cent).

“The survey results tell us that some brokers have a particular customer in mind when it comes to white label home loans. As a versatile solution, white label home loans can cater to a wide range of customers, including those with complex financing needs,” Mr Halliwell said.

“Advantedge is committed to championing mortgage brokers as a channel of choice for consumers, and [this is] why we continue to support brokers in providing a great customer experience.

“It pleasing to see that we’re winning the hearts and minds of both brokers and their customers with our white label home loans as we deliver on providing a simple, no-frill product with great service and efficient processes.”

[Related: Home loan approvals continue slipping]

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