ScotPac to offer mortgages in major pivot

One of Australia's biggest specialist business lenders is to offer home loans – and brokers will be the first to get access

ScotPac to offer mortgages in major pivot

News

By Mike Wood

ScotPac, one of Australia’s biggest SME lenders, is to pivot to offer home loans. The non-bank is now marketing a residential product as well as property-secured SME loans and lines of credit.

Mortgage brokers will be able to become accredited with the non-bank, with residential loans now offered to the owners of SMEs.

Their mortgage product is currently broker-only, with the channel being used for a soft launch. It is expected to be offered to the wider market in the new year.

It will allow SME owners to use equity within their home to fund their businesses and combine their asset and commercial lending with their personal residential home loan.

CEO John Sutton said that the new product was a reaction to the unique challenges that SME owners faced in getting a regular mortgage.

“ScotPac is willing to take on and service this neglected part of the market, and through our deep understanding of SME businesses and their cashflows we can provide additional funds and products for their home loan and business needs,” he said.

“Brokers and their clients will appreciate all three new solutions have fast set up, no-fuss paperwork and conditional approval in as little as 48 hours, plus access to a dedicated relationship manager who can help with funding solutions as a businesses evolves.”

“Unlike the cookie-cutter approvals approach of other lenders, ScotPac has the ability to personalise solutions to remove many challenges business owners face, allowing us to say yes to more often than other lenders.”

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