SocietyOne doubles down on broker channel through AFG partnership
Australia’s pioneering marketplace lender SocietyOne has signed a strategic partnership with Australian Finance Group (ASX: AFG) to join its panel of specialist finance providers, as part of its broader strategy to further expand its broker distribution network.
AFG is one of Australia’s largest mortgage broking groups with a loan book exceeding $140 billion, and a network of approximately 3,000 finance brokers helping around 7,500 Australians each month choose from over 3,800 quality finance products.
Since first starting the broker channel just 16 months ago, the SocietyOne Broker team, led by Greg Neilsen, has written over $70 million in personal loans through the channel, achieved a net promoter score of 85.5, and proven itself to have one of the most efficient approval processes in the market, with more than 80 per cent of broker assisted loan applications being assessed in 3 hours or less.
Other features that receive positive feedback from brokers include its 6.99 per cent per annum starting rate with capped establishment fees of $995, and its unique rapid quote process that provides a final – not indicative – rate, which brokers can provide their customers without affecting their credit score.
The new partnership will see AFG brokers gain immediate access to SocietyOne’s unique and affordable personal loan product, while allowing SocietyOne to grow its broker channel.
“We are really pleased to be joining Australia’s largest aggregator of high quality finance products, delivered by some of Australia’s most trusted finance brokers,” said Mark Jones, CEO of SocietyOne.
“We strongly believe in the strength of AFG’s network, and also that our loans will readily complement other loans offered. Our debt consolidation loans, as just one example, will be especially useful for customers also wishing to apply for a home loan through this channel.
“We view this partnership as a critical component of a broader strategy to increase our strength in the broker channel, and we look forward to seeing our loan volumes continue to increase as a result.”
Speaking of the partnership, Head of Sales and Distribution at AFG, Chris Slater, said “We are very pleased to welcome SocietyOne to the AFG panel.
“Society One provides an innovative alternative to the major lenders and their addition to our panel helps drive a competitive lending market. I look forward to working with SocietyOne as they deliver greater choice for our brokers when structuring finance solutions for their clients.”
