RedZed has expanded its digital lodgement capability to include commercial and SMSF loan applications, in partnership with NextGen.
This follows the rollout of residential loans last November and marks the second stage of the lender’s transformation strategy.
Since adding residential loans to the platform, RedZed has reported a 75% reduction in processing time and digital submission rates rising from 30% to 50% in six months. The lender says the expansion is designed to extend those efficiency benefits to more loan types.
Calvin Cordle (pictured left), managing director of RedZed, said the move reflects strong opportunities in the commercial and SMSF markets.
“We’re here to support brokers, and there is enormous potential in the commercial and SMSF spaces – we want to help our broker partners capitalise on this,” Cordle said. “Not only are we making our commercial and SMSF loans available for lodgement via ApplyOnline, but we’re also expanding our commercial team.
“This will enable us to offer more comprehensive support to brokers already operating in the commercial space, as well as those seeking to diversify.”
He also highlighted RedZed’s approach to self-employed borrowers.
“RedZed's SMSF loans are game-changers for the self-employed,” Cordle said. “Most lenders have rigid rules that favour PAYG members whose employers make regular super contributions. Small-business owners often don’t pay themselves or into their super regularly.
“That’s why we look at what the borrower is paying into their fund over 12 months and their capacity to make additional contributions moving forward. We accept both full and alternative income documents to show that self-employed borrowers can afford the proposed contributions.”
Mike Ponsonby (pictured right), head of lender partnerships at NextGen, said the expansion reflects a shift in the broker channel.
“RedZed’s journey from residential to commercial applications on ApplyOnline reflects a broader industry shift toward broker diversification into commercial products as they look to grow their businesses and better serve their clients’ evolving needs,” Ponsonby said.
“RedZed's remarkable efficiency gains with ApplyOnline for their residential loans demonstrate why we're seeing more lenders recognise ApplyOnline as the go-to solution for streamlining applications across all loan types. Using familiar, proven platforms removes barriers and accelerates their ability to capitalise on these opportunities.”
The expansion comes at a time when commercial lending is the fastest-growing segment in the broker industry, with the number of brokers writing commercial loans up 24% year-on-year – the sharpest increase in three decades. MFAA and Deloitte data shows more than 7,000 brokers are now active in this space, with major aggregators reporting growth above 20% annually.
The expansion comes alongside RedZed’s recent policy and product changes, including higher maximum LVRs, streamlined living expense verification, an updated commercial vacant land policy, and adjustments to its ATO default and debt policy.
The lender says these enhancements aim to give brokers greater flexibility and more competitive solutions for clients across residential, commercial, and SMSF segments.
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