Ballast Finance’s wholesale mortgage management arm has signed a strategic alliance with Tasmanian lender MyState.
The relationship between Ballast Lending Central and MyState will only involve lending initially.
However, other key MyState products such as general insurance, personal loans and transactional accounts are expected to be added in the near future.
Ballast’s head of mortgage management, Chris Wisbey, said the alliance is a “defining moment for our business” considering the capabilities MyState offers in the residential lending market.
“Clearly there are significant advantages available for Ballast Lending Central in terms of product and policy through our expanded distribution of brokers and financial planners,” he said.
“The new programs MyState have launched, particularly in our market space, means we can be far more confident of meeting the demands of the finance market.”
[Related: MyState profits fall]