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Calling it Bluegum Home Loans, Mortgage Choice has announced it will launch a white label product suite on Monday 29 November, as the competition-strung country cries out for viable home loan product alternatives to those offered by the all-pervasive majors.
The new Bluegum suite will cover three product types: basic variable, line of credit and fixed rates.
Speaking at a media luncheon in Sydney yesterday, CEO Michael Russell said he "is delighted" with the new initiative.
He said the new products will increase competition and be of a direct benefit to borrowers.
"We looked at features our customers were requesting, and then worked to tailor the specifications and pricing," he said.
In particular, Russel said the strategic move to add competition to the market was well received by Mortgage Choice's franchisees.
"They are looking forward to having more choice to offer their customers," he said.
Bluegum Home Loans will be funded by Advantedge.
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