Acquisition diversifies lender product suite

by Madison Utley28 Feb 2019

A recent acquisition has increased the product options offered by a non-bank mortgage lender.

Better Choice Home Loans has announced its acquisition by Goldfields Money Limited, a WA-based bank that notably merged with leading aggregator Finsure in 2018.

“Better Choice now has the ability to plug gaps in the mortgage market by manufacturing even more product options through our new wholesale funder Goldfields,” said Allan Savins, who has moved from his role of executive director at Better Choice to GM of banking and wholesale at Goldfields.

Savins is optimistic that the new connection will be beneficial to the institution’s customers.

He said, “The consolidation of Iden Loan Services, Future Financial, Pioneer Mortgage Services and Nationalcorp Home Loans under the Better Choice brand opened the door last year to offer a greater range of prime residential loans, as well as its core specialist range.

“With so many funding options available, the backing of Goldfields Money Ltd and increased support resources, we look forward to continuing in our role as the broker's broker for any loan writer looking for genuine finance solutions.”

Among the new products made available is Goldfield’s offering for expats who are now able to secure loans of up to $1.5m with 90% of PAYG foreign income.

Better Choice is also planning a Goldfield’s funded commercial loan product to broaden its recently developed offering allowing SMEs to borrow against their trail book.

Savins said there would be more news from Better Choice in the coming weeks as a team of new hires are welcomed. The expanded headcount will support service levels during ongoing expansions.