The home equity specialist offers first home buyers an innovative pathway into the property market
Loan Market has welcomed a new addition to its lender panel, which has now grown to 82.
Joining Loan Market’s industry-recognised panel is 2Be, a home equity specialist founded by former Westpac CEO Brian Hartzer (pictured above left) and former CEO ANZ New Zealand Jenny Fagg.
2Be’s Equity Advantage Product allows parents aged 55-75 to unlock the equity in their family home to build-up a deposit for their children.
And while the non-bank lender’s offering allows the home equity loan to be used for any legitimate purpose, it is particularly appealing for first-home buyers who face increasing deposit and serviceability challenges. 2Be also provides borrowers with free educational tools to help them make a considered and informed decision.
Research commissioned by 2Be revealed an increasing demand from parents to use the equity they’ve built up in their homes to bring forward intergenerational wealth and help their children purchase a home.
“We are seeing a lot of interest from parents wanting to help their kids into their first home,” said Hartzer, 2Be’s chair and co-founder. “In fact, research conducted for 2Be by Evolved Group last year revealed more than 60% of parents were happy to help their children with a home deposit and over 40% were willing to access the equity they have built up in property to do so.
“This makes 2Be Equity Advantage a powerful new tool that can help Loan Market brokers assist their first-home buyer clients to get into the property market today rather than waiting to save the deposit required.”
2Be offers a fast digital application, with approvals achieved in as little as 48 hours.
Andrew Thompson (pictured above right), Loan Market national director, said the aggregator welcomed lenders that offered quality solutions for the spectrum of client needs.
“Loan Market is committed to providing its brokers with the tools and products that answer the many and varied needs of clients in the modern lending landscape,” Thompson said. “2Be’s specialisation in helping parents provide their first-home-buyer children with a leg-up into the property adds further solutions to our brokers’ client offering.”
Fagg, 2Be CEO, said they are excited to be partnering with Loan Market to provide more first-home buyers access to deposit assistance from their parents.
“Our solution is an enabler for Loan Market brokers to help their clients into a home sooner,” Fagg said. “We deal solely with the parent who wants to help the younger generation, leaving Loan Market brokers to do what they do best – guiding and supporting new homeowners through the lending process to get onto the property ladder today rather than waiting.”
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