Better Choice joins aggregator’s commercial panel

Non-bank lender Better Choice Home Loans, a brand under BNK Banking Group, has expanded its collaboration with aggregator group LMG by joining its commercial panel.

This development marked a significant increase in Better Choice’s presence, building on its established role within LMG’s residential panel.

The move signalled a stronger partnership between the two organisations and creates more opportunities for brokers.

Steve Scahill, LMG’s group executive of commercial finance, expressed enthusiasm about the expanded collaboration.

“Better Choice has been a reliable partner on our residential panel for many years, and we are excited to see this relationship expand with their addition to our commercial panel,” Scahill said.

“This expansion represents a great opportunity for brokers looking to broaden their service offerings and provide more comprehensive solutions to their commercial clients. It supports LMG’s vision for our brokers’ growth and diversification.”

The timing of the collaboration aligns well with Better Choice’s strategic initiatives, according to Paul Bakker, national sales manager at Better Choice.

“With our entry onto the LMG commercial panel, we are excited to introduce our latest offering, the Commercial Alt Doc Easy Refi product,” Bakker said.

“This new addition to our product suite is meant to enhance our current Easy Refi solution for Better Choice Commercial SMSF loans, giving brokers a competitive advantage and expanding the range of refinancing options available to their clients with minimal fuss and making the complex simple.”

Strategic shift into SME lending

In 2022, Better Choice announced a shift in the strategic direction to pivot the lender’s trajectory into SME lending as part of the lender’s expansion.

BNK Banking attributed this shift to there being more than 2.4 million SMEs nationwide (at the time), with almost 5 million Australians under employment.

Bakker said at the time that the lender’s SME product range includes offering larger loan amounts of up to $5 million, along with waiving application fees for a limited time.

“Better Choice is well placed to assist SMEs who have done it tougher than most over the past few years in coping with a variety of challenges which included the COVID-19 pandemic and natural disasters in some regions,” Bakker said.

“It has been particularly rough for many businesses during the COVID era, with the pandemic impacting trade, staffing and supply chains.

“While there has been government stimulus to help SMEs retain staff and try and weather all the challenges, it can also be necessary to take out a loan to keep the business going and purchase necessary equipment.”

[RELATED: Better Choice launches new SME product range]

Adrian Suljanovic is a journalist at Broker Daily with more than two years experience reporting on all facets of the third party distribution channel.

Adrian has written for a range of business and finance titles including IFA, Investor Daily and Lawyer’s Weekly before joining the mortgages team in 2022.

He graduated from the University of Wollongong in 2021 gaining a Bachelor of Communication & Media with a major in Digital & Social Media.

E-mail Adrian at: This email address is being protected from spambots. You need JavaScript enabled to view it.