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The non-bank lender announced its partnership with the aggregator with a focus on delivering more solutions for brokers and borrowers.
Speaking on the announcement, Wave Money’s founder and managing director John Flavell said: “Wave Money has always positioned itself as an extension of our broker partners’ businesses. By partnering with Quickli we’re expanding broker access to our solutions enabling them to deliver more solutions and positive outcomes for their clients.”
According to Quickli, the platform allows for ease of experience for brokers. Co-founder of the aggregator, Angus Keatinge, said this move was in the name of serviceability.
“We are thrilled to welcome Wave Money to our lender panel, as we move into 2025, serviceability remains a key focus for both brokers and their clients,” Keatinge said.
“Wave Money’s approach to servicing and bespoke lending solutions make them a perfect fit for Quickli, delivering better outcomes for brokers and their clients.”
Wave Money’s head of lending Tyler Peters emphasised the effectiveness of the broker channel.
“Mortgage lending is complex, and this is driving the growth in the number of Australians who are choosing the services of a mortgage broker. A credit policy by its nature is nuanced when the unique needs and circumstances of each client is considered,” Peters said.
“Our credit team engages directly with our broker partners workshopping scenarios and the same credit manager will manage that application all the way through to funding.”
The lender will continue to service the types of clients who may not fit into the typical borrower category.
According to Wave Money, servicing includes:
- 2 per cent buffer on Wave Money loans only, no buffering on debts with other financial institutions.
- Flexible approach to acceptable income (100 per cent where it makes sense) – all income considered including overtime, commission, bonuses, dividends, permanent pensions, disability pension, child support, and family maintenance.
- Housemate/boarder rental income accepted up to 80 per cent where it makes sense.
- Flexible approach to acceptable employment – PAYG, self-employed, employees in probationary period, permanent part-time, casual/contract.
- Real-world application of living expenses – declared expenses from the borrower or HEM whichever is higher and it’s not hidden on the calculator.
- Credit cards – regardless of the credit limits, if paid in full (most recent three months) are excluded from servicing calculations.
- Common debt reducer – Where a borrower(s) has other mortgage liabilities with another party then we only take their portion of the liability towards our servicing.
Flavell said: “When it comes to servicing, what sets Wave Money apart is our simple and straightforward servicing calculation. When put to the test among our peers Wave Money consistently ranks on or near the top as far as servicing is concerned. Our broker partners tell us regularly that if a loan does not service with Wave Money it will not service elsewhere.”
