The broking franchise has announced the addition of a new lender to its panel, a move that would provide its network with access to unsecured personal loans.
Mortgage Choice has partnered with Liberty Group-owned personal loan financier MoneyPlace to provide its accredited brokers with access to unsecured personal loans of up to $45,000.
MoneyPlace CEO and founder Stuart Stoyan said that the partnership would also enable Mortgage Choice brokers to offer “indicative interest rates” to their clients.
“We’re seeing a real increase in the number of brokers providing their customers with access to personal loans to fund home improvements and enable debt consolidation,” Mr Stoyan said.
“With our average borrower saving over $5,600 on a $20,000 loan versus a major bank, it’s a great opportunity for brokers to widen their offering and provide additional value to their customers.
“Mortgage Choice’s offering provides Australians with access to its full financial service offering which includes mortgage broking and financial advice.
“Their mission to help Australians improve their financial fitness complements our own.”
Mortgage Choice CEO Susan Mitchell noted that MoneyPlace was a “logical addition to the company’s lender panel”, claiming that it provides its broker network with access to a wider product offering.
“At Mortgage Choice, we are committed to providing Australians with access to more choice and cater to our customers’ evolving needs,” Ms Mitchell said.
“In an increasingly complex lending environment where it’s getting tougher for some customers to borrow, we know how critical it is to provide borrowers with a wide range of lending solutions.
“Over the last 18 months, we have seen a strong growth in the uptake of personal loans and have identified an opportunity for our broker network to provide risk-based loan pricing to creditworthy customers.”
Liberty Group sales manager John Mohnacheff said: “We are pleased to help Mortgage Choice brokers diversify their offering through MoneyPlace, which provides a swift, fuss-free personal loan solution with low rates.”
[Related: Mortgage Choice appoints new CFO]