White-label product offers up to 98% LVR and fees lower than LMI as deposit barriers bite
Mortgage Choice has partnered with non-bank lender Skip to launch Mortgage Choice Skip, a white label loan designed to help borrowers with small deposits get into the market sooner, offering lending up to 98% loan-to-value ratio (LVR) with fees lower than Lenders Mortgage Insurance (LMI).
The product offers interest rates from 6.39%, owner-occupied and investment lending up to 98% LVR, refinance with cash out up to 98% LVR, loan sizes up to roughly $3.5 million, and no application, annual or ongoing fees.
Mortgage Choice chief executive Anthony Waldron (pictured, right) said the launch responds to a growing deposit barrier, as the aggregator's white-label suite continues to expand alongside Freedom, Ignite and Amplify.
"The combination of elevated property prices and high cost of living means that many hopeful buyers are needing to put their purchase plans on hold or face having to pay high LMI rates to buy their first, or next, property.
"In this market, there are borrowers, particularly upgraders, who have no trouble servicing for a loan but have limited options based on their deposit size... Mortgage Choice Skip gives our network the ability to help borrowers get a 'yes' sooner."
Skip has deployed dedicated business development managers across New South Wales, Queensland, Victoria, South Australia and Western Australia to support the rollout, following Mortgage Choice's broader push to arm its 1,100-plus broker network with better tools.
Skip founder Mario Emmanuel (pictured, left) said the partnership reflects Mortgage Choice's long track record with borrowers.
"For over three decades, Mortgage Choice brokers around Australia have championed homeownership for Australian families... We're excited to partner with them and bring Mortgage Choice Skip to market, allowing brokers to unlock homeownership for more hardworking Aussies."
