Mortgage Choice extends lender panel to 31

La Trobe Financial Services and FirstMac have been added to the Mortgage Choice lender panel, following on from four additions last financial year.

Warren O'Rourke, National Manager Corporate Affairs for Mortgage Choice said they continually survey the lender market looking for any gaps in loan offerings, and new panel members do not pay a fee to join.

"In the case of Latrobe, they specialise in trusts and company borrowings.

"They are another owner / builder option which is presently limited, have a good rural offering and a flexible approach to commercial lending, with non-resident investment loans and offer a 40 year term, which not many do.

"With FirstMac, it's more of a defensive strategy than anything else.

"The HSBC book was purchased by FirstMac, and this will now allow us to complete top ups and increases without us having to refinance people into something else. So from that point of view that made sense.

"FirstMac have a very competitive three year fixed no doc product, and a true 100 per cent loan where FirstMac pays the mortgage insurance."

O'Rourke added that the new product offerings will help to plug either product gaps or boost the lending product range where there were not sufficient offerings.

"It's making sure we can offer customers an appropriate product range."

O'Rourke said that research had been conducted to establish a level of demand for the new loan offerings, but could not divulge forecasted amounts of new business they could bring.