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• MPA Online

Adelaide-based National Finance Club has clinched a funding partnership with ING Direct, that will see the mortgage manager expand its product range and geographic reach.

The deal - which had been in limbo during the financial crisis - went ahead as ING Direct begins to ramp up its mortgage lending activty as conditions improve.

NFC manging director Andrew Clouston said the addition of ING Direct - on top of Advantedge, FirstMac and Resimac - will significantly boost the mortgage manager's funding base.

“Partnering with ING Direct will bolster NFC’s product offering and sees us now
outperforming most of the major banks in terms of range and access to products,” he said.

NFC has been considered by ING Direct since 2007,though the deal was put on hold for three years through the financial crisis. Clouston said NFC was "first cab off the rank" following the downturn, making NFC the lender's first point of expansion back into the market.

The deal will broaden NFC's product offering, with additions such as ING Direct's family guarentee product, and its lo-doc 60% LVR loan. The lender's more lenient postcode restrictions will also allow the mortgage manager more scope to lend regionally.

NFC now has a presence in five states, following the appointment of state managers in

Queensland and Western Australia in March and April this year. The group is also back on the

ground in Victoria and NSW, after a pull-back during the downturn.

Laurie Shaw, ING Direct head of mortgage management, said in a statement accompanying the announcement: “National Finance Club has grown significantly since its inception in 2006, and we have been impressed with the business’ structure and plans for future growth, particularly following  the recent investment in national distribution.”

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