Non-bank MA Money has launched a new product range, including a prime home loan suite which provides another viable option for home loan borrowers.
MA Money national sales manager Melanie de Jager (pictured above left) said MA Money had also partnered with fintech Simpology to create a new online loan origination system with digital efficiencies to make the experience for brokers and their clients more seamless.
“We are really excited to announce these new initiatives which follows the recent launch of the MA Money rebrand,” de Jager said.
“The new product range with great pricing now means we can offer the full range of products. With flexible policies and competitive pricing, brokers will be able to help more borrowers achieve their dreams from prime to specialist borrowers and everything in between, MA Money now has the solutions to fit.”
Previously known as MKM Capital, the non-bank lender revealed its new brand MA Money in November. It said the new look aligned with the values of MA Money’s lending business and parent brand MA Financial Group.
“MA Money’s business offering has undergone significant change since MA Financial took full control,” de Jager said. “We are in a much stronger position to help our clients strive towards a happier, financially secure future.”
de Jager said key features of the new range included prime full doc rates starting from 5.05% and alt doc rates starting from 5.95%, with no Lenders Mortgage Insurance (LMI) up to 90% LVR.
“MA Money also offers competitive rates across its non-conforming products and has reviewed its fee structure which now includes no ongoing fees,” she said. “The implementation of our new technology platform also allows us to offer a 48-hour service level agreement (SLA) to conditional approval on the entire range, including specialist products.”
de Jager said the partnership with Simpology would allow brokers to submit higher quality loan applications with less effort.
“Through smart validations and third-party integrations, receiving credit-ready applications has been at the core of our technology vision so we can fast track assessment and improve time to decision,” she said.
de Jager said MA Money would also be launching its core banking platform, enabling the lender to offer split loans, offset and redraw to borrowers, with internet banking being offered in Q1 2023.
“The new technology platform will be rolling out across the industry during December and we believe with new products, people, branding and technology, it will put us on a rapid journey to becoming Australia’s lender of choice,” she said.
MA Financial joint CEO Chris Wyke (pictured above right) said the new product platform was a significant step forward for its lending business.
“Introducing innovative product and technology solutions is key to the growth of MA Money and our aspirations to become a significant player in the residential loan market,” Wyke said. “We aim to originate and manage a multi-billion dollar diversified residential loan book in the next few years.”
In March, MA Financial Group secured full ownership of MKM, in a move Wyke said would create a new and exciting player in the Australian lending market.
“MA Financial sees the Australian residential mortgage market as a huge growth opportunity,” he said. “Becoming part of MA Financial is an exciting evolution for MKM, which has been providing Australian borrowers with tailored home loan solutions since 2004.”