Neobank 86 400 has made its digital home loan offering available to more brokers, having just finalised its sixth broker partnership since launching its home loan product in November of last year.
The group has been welcomed onto the lender panel of Australia's first broker-owned aggregator, Purple Circle Financial Services.
Purple Circle chief operating officer Frank Paratore welcomed what the partnership means for the group’s brokers, stressing that “lending isn’t a one-size-fits-all-solution”.
“As an aggregator, it is essential we partner with innovative lenders who offer a wide range of products and services to suit the ever-changing lending landscape,” he said.
“Clients have different requirements depending on their circumstances, and we are providing our members with a diverse panel of lenders to assist with attending to those client’s different requirements…further [ensuring] our broker members are both equipped for diversity and engaged for market change.
“This innovative lender also enables our broker members to further bolster their relationship with not only their clients but also broader referral partnership groups.”
George Srbinovski, 86 400 national manager of broker distribution, highlighted the benefits the lender will deliver for Purple Circle brokers, such as consistently fast turnaround times, digital accreditation and a more equitable claw back provision with a step-down process.
“Signing this strategic partnership will help give Purple Circle and its customers access to the first and only digital home loan for mortgage brokers,” Srbinovski said.
“Brokers and customers want access to an application process which is straightforward, and we’ve done just that with approvals being turned around in just hours.”
86 400’s Own Home Loan fixed rates start from 2.24% p.a. (2-year fixed comparison rate: 3.02% p.a.) for owner occupied principal and interest, while variable rates for owner occupied principal and interest start from 2.59%p.a. (comparison rate 2.87% p.a.).
In late July, the neobank announced its fully featured loans were being made available to AFG's 3,000 strong broker network.