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In its continued push beyond electronics, the ASX-listed online retailer has announced entering into multi-year agreements with Adelaide Bank and Pepper Group, with the aim of launching competitive home loan products this financial year.
Kogan.com said that Adelaide Bank will provide prime conforming home loans and Pepper will provide near-prime, non-conforming and specialist home loans.
Similar to other white label agreements, the loans will be funded by the lenders, but they will be marketed and distributed under the newly established brand, Kogan Money. The online retailer will earn fees on all home loans.
David Shafer, executive director of Kogan.com, said: “With well over a million active customers, Kogan.com is proud to be able to form partnerships like these that form a genuine win-win-win for both Adelaide Bank and Pepper, for Kogan’s shareholders, and most importantly, for Kogan.com customers.”
He commended Adelaide Bank for its “long history” of partnering with businesses to provide greater choice to borrowers, while also praising Pepper for helping borrowers “who may not tick all the traditional boxes for home loans to get financing”.
Damian Percy, head of strategic partnerships at Adelaide Bank, said: “Together, we believe we can make a real difference to the emerging community of Australian online shoppers by delivering simple, great-value housing solutions through Kogan Money.”
The details of the yet-to-be-launched mortgage products, including interest rates, will be revealed closer to the launch date, Kogan.com said.
While Kogan Money is not yet an authorised deposit-taking institution, a broader suite of financial products and services is expected to be rolled out under the brand this financial year.
Kogan.com was not able to disclose any further details to Mortgage Business.
[Related: Bank rate hikes ‘reasonable’ despite ‘unusual’ market: ANZ]
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