Collaboration with aggregators offers brokers diverse, flexible solutions
This article was produced in partnership with Victorian Mortgage Group
As interest rates rise and new financial challenges emerge, Victorian Mortgage Group (VMG) is steadfast in its commitment to supporting mortgage brokers and borrowers.
With a history spanning nearly 80 years, VMG has established itself as Australia's largest privately owned non-bank residential mortgage lender, under the guidance of owner Bernie McIntosh.
The company's ‘life-event specialists” approach ensures personalised and flexible lending solutions tailored to its clients' specific needs.
“At VMG, we understand that life can throw some tricky situations at people without warning,” says Glen McKay (pictured above), Executive General Manager, Distribution and Mortgage Operations.
“Whether it is a marital breakup, a loss of employment, sudden ill health, or even a default or two, we are here and ready to help. VMG offers our accredited brokers an unmatched level of personal service across every scenario.”
VMG's success lies in its strategic collaboration with major aggregators such as LMG (including the PLAN, Choice and FAST brands), SFG, Vow Financial, and Money Quest, amongst others.
McKay says this partnership allows VMG to offer diverse solutions to brokers, catering to their clients' unique requirements.
“Being a non-conforming lender, VMG stands out by also providing home loans for business purposes, granting brokers added flexibility when dealing with self-employed borrowers with irregular income or short-term ABNs,” he says.
McKay emphasises the importance of aggregators in the finance industry, serving as crucial liaisons between lenders and brokers, streamlining processes, adding extra layers of robustness to the compliance obligations faced by brokers, and fostering efficiency.
“VMG values its partnership with aggregator groups, ensuring brokers have direct access to VMG's credit analysts and credit managers.
“This accessibility allows brokers to discuss, and workshop deals effectively, supported by VMG's no-credit scoring and common-sense underwriting approach, instilling confidence in brokers to explore financing options for their clients.”
One of VMG's key differentiators is its commitment to niche lending, maintaining a flexible credit policy and lender criteria that adapts to unique borrower circumstances and provides greater opportunities to identify solutions.
“We actively seek borrowers who are aspirational,” says McKay. “Our focus lies on individuals who are trying to overcome life events, build businesses, or secure their financial future, but find themselves constrained by conventional lenders. Because we actively seek solutions, we maintain the freedom to assess applications with flexibility and common sense.”
Embracing challenges, VMG efficiently addresses complex cases and provides swift, flexible solutions. Unlike many lenders, VMG avoids annual reviews, covenants, and does not require general security agreements for company or trust lending.
McKay says VMG’s cash-out policy allows brokers to access funds for business or personal purposes, providing a valuable resource for borrowers seeking financial support beyond traditional mortgages.
Its broad definition of acceptable income accommodates self-employed individuals with less than two years of experience, while also considering non-standard income sources and addbacks, promoting inclusivity and accessibility for borrowers.
VMG's commitment to finding workable solutions is also evident in its accommodation of ATO debt and debt consolidation.
“Unlimited debt consolidation makes it easier for clients to manage their financial obligations, and the lender's open-minded approach to aged borrowers considers solid exit strategies rather than focusing solely on loan terms,” McKay says.
VMG emphasises transparency and personalized service, ensuring that aged borrowers receive independent legal advice to make well-informed decisions.
McKay says VMG's commitment to empowering mortgage brokers and borrowers sets it apart in the finance industry.
Partnering with major aggregators, VMG equips brokers with a diverse range of lending options to cater to their clients' specific needs.
Its niche-focused approach, flexible underwriting, and direct access to credit professionals make VMG a valuable ally for brokers seeking comprehensive solutions.
“As the financial landscape evolves, VMG's dedication to personalized service and innovative lending solutions remains unwavering, solidifying its position as a trusted partner in the mortgage industry,” says McKay.
To find out more, go to Victorian Mortgage Group
Glen McKay is the Executive General Manager, Distribution and Mortgage Operations at VMG. McKay is a highly experienced leader who has worked in the finance industry for over 30 years, holding senior roles at major banks.
