White-label collab hits new milestone
Mortgage Choice Freedom, the white-label collaboration between Mortgage Choice and Athena Home Loans (which are both owned by ASX-listed parent company REA Group), has hit a new milestone, with the loan book surpassing $3 billion for the first time.
It comes less than a year after Freedom, which was launched in June 2023 as a competitively priced mortgage product, surpassed the $2 billion mark.
Bridging product Mortgage Choice Freedom move has seen particularly strong demand, particularly in Perth and Sydney, as homeowners increasingly look to bridging finance as a way to navigate difficult market dynamics.
“PropTrack economists are reporting continuing pressures for buyers in Perth,” said Mortgage Choice. “Rapid price growth has lifted equity and confidence while listing volumes remain very tight. In that environment, households looking to move are wanting to buy first to ensure they’re not left without a place to call home as they search for their next property.”
Bridging products line Move are also being used by upgraders for their next purchase. Broker Ryan Ewart, who operates a Mortgage Choice franchise servicing Sydney’s northern beaches and northern suburbs, said there was particularly strong interest in bridging loans among growing families upgrading from apartments to houses.
Brokers are being encouraged to mine their books for bridging finance opportunities as the previously niche lending option garners more mainstream appeal. But it is often falling on non-standard lenders to bring innovative solutions to market amid drawn-out timelines and strict lending policies of the mainstream banks. This has led to the emergence of new bridging finance specialists like Bridgit and AltX’s Clinch brand, while non-bank lenders like MA Money have also expanded in the space.
“In the past when a customer was looking to upgrade, I would strongly encourage them to sell first so we could avoid bridging finance. Now that we have access to Freedom Move, my team and I are confident recommending bridging as a solution because the product pricing is sharp, and the customer experience is straightforward,” said Ewart.
Mortgage Choice chief executive Anthony Waldron (pictured) commended the close collaboration between all stakeholders in making Mortgage Choice Freedom a success.
"Reaching the $3 billion milestone for the Mortgage Choice Freedom loan book is a testament to the power of co-designing solutions with our network to solve the real-world frustrations brokers and their customers face every day,” said Waldron.
“With the launch of our Freedom Move product and Move Modeller tool in November last year, we also now have a compelling solution for homeowners planning their next move. Our growth from $2 billion to $3 billion in under a year shows how hungry brokers and borrowers are for innovation.
“Especially in markets like Sydney and Perth, where listing volumes are tight and quality stock moves fast, the ability to act decisively without the need to perfectly sequence a sale and purchase gives homeowners a competitive edge.”
Athena co-founder and chief executive Nathan Walsh added: “By leveraging our digital innovation alongside the deep expertise of Mortgage Choice brokers, we’ve taken one of Australia’s biggest housing headaches and turned making the next move into a strategic, streamlined experience.”
