Skip has partnered with Mortgage Choice to launch Mortgage Choice Skip, a new white label home loan product designed to help more Australians with small deposits access home ownership sooner.
Available through brokers across the Mortgage Choice and Smartline networks, Mortgage Choice Skip can provide eligible borrowers with lending up to 98% loan-to-value ratio (LVR), with fees guaranteed to be lower than Lenders Mortgage Insurance (LMI).
Mortgage Choice Skip offers eligible borrowers:
- Owner-occupied and investment lending up to 98% LVR
- Refinancing up to 98% LVR, including cash out
- Loan sizes up to approximately $3.5 million
- Flexible repayments and redraw functionality
- No application, annual or ongoing fees
Skip founder Mario Emmanuel said the partnership brings together two businesses committed to helping more Australians into homes.
“For more than three decades, Mortgage Choice brokers around Australia have championed home ownership for Australian families,” Mr Emmanuel said.
“They understand that when a borrower has strong earning capacity and a clean credit profile, the size of their deposit shouldn’t stand between them and home ownership.
“We’re proud to partner with Mortgage Choice and bring Mortgage Choice Skip to market, giving brokers another way to unlock home ownership for hardworking Australians.”
Mortgage Choice CEO Anthony Waldron said the partnership responds to the growing deposit barrier facing Australian borrowers.
“The combination of elevated property prices and the high cost of living means many hopeful buyers are having to put their purchase plans on hold - or face paying high LMI costs to buy their first or next property,” Mr Waldron said.
“In this market, there are borrowers, particularly upgraders, who have no trouble servicing a loan but have limited options because of the size of their deposit.
“Whether it’s first home buyers without help from the ‘Bank of Mum and Dad’, buyers squeezed out by government scheme price caps, or upgraders looking to take their next step, Mortgage Choice Skip gives our network the ability to help more borrowers get a ‘yes’ sooner.”
To support the national rollout, Skip has deployed dedicated Business Development Managers across New South Wales, Queensland, Victoria, South Australia and Western Australia.
