A white-label loan is essentially a home-branded loan, much like the home-branded products you see in the supermarket aisles. Like these products, white-label loans aim to deliver many of the same great features as bank-branded home loans, but for a lower cost to you the customer. A trend seen in supermarkets over recent years has been not only an increase in the range of white-label options on offer, but also an increase in the quality of those products. This trend has continued to the extent that white-label products are now frequently of equal, or near equal, quality as their branded counterparts.
In the same way, banks across Australia provide ‘unbranded’ mortgage products to brokers, which increases the range of options within the market and offers customers competitive rates to generate valuable savings. Ultimately, it’s still a high quality product and service, just re-branded with a different name.
Here are five reasons why should you consider a white-label loan
- Simplicity is key in white-label products, and they are perfect for home-buyers looking for a straight forward variable or fixed rate loan.
- White-label loans are quality, cost-effective and flexible. They offer you all the features you need (like redraw, debit card access and a customer care facility) in a home loan, and you don’t have to pay for additional features you are unlikely to use.
- Through white-label, you essentially receive a better deal because it’s not branded with the name of a big bank and doesn’t carry the cost of providing access to an expensive branch network that you may not need. It’s like a reward for shopping around, and doing your research through a broker.
- You can only access white-label loans through your broker – this means you are getting access to a product many in the market aren’t aware of, and you can take advantage of your broker’s expertise and guidance.
- Saving on price does not mean you are compromising on quality or service. Through white-label, you still get access to expert support teams and the facilities to give you quick turnaround times.
Talk to your broker today about white-label, and whether it is right for you.
Source: Your LoanHub