New Haventree Bank product targets underserved Canadians
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In a bid to serve Canadians overlooked by traditional banks, Haventree Bank and its broker partners have unveiled a convertible mortgage. Tailored for uncertain times, it offers crucial rate reassessment opportunities to borrowers
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ACCORDING TO research by ACORN, millions of Canadians are currently underserved by the traditional banking system. Whether it’s poor credit, self-employment, or a decline in financial health, many struggle to access mortgage lending and other financial services. Fortunately, specialist lenders and the broker community have stepped forward to address this gap.
One such lender is Haventree Bank. Founded in 1990, Haventree Bank is dedicated to fostering financial security and upward mobility for Canadians who are underserved by the traditional financial system. It also collaborates closely with brokers to provide tailored, effective advice – invaluable in today’s mortgage market.
Founded in 1990 and serving Canadian customers across the country, Haventree Bank is a federally regulated Schedule 1 bank with a vision to change the face of alternative lending in Canada. With its specialized and experienced team, Haventree Bank works closely with the mortgage and deposit broker community to recommend the right mortgage or GIC deposit solutions for its clients. Haventree Bank takes an empathetic approach to help hardworking Canadians reach their goal of home ownership. Their GIC deposits offer competitive rates and are available through vaious wealth management platforms. More information about Haventree Bank can be found at www.haventreebank.com
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“Our convertible mortgage product is so timely because it benefits a client when rates trend lower, which is what many economists anticipate”
SUsan Thomas,
Haventree Bank
Haventree Bank has announced the launch of its latest product – the 12-month convertible mortgage – designedfor flexibility in a declining interest rate environment. It offers broker clients the opportunity to reassess the environment and ensures that they can take advantage of prevailing rates providing a lower mortgage payment.
Thomas notes that for Haventree Bank, brokers are valuable to Canadian consumers seeking mortgage advice. They’re truly integral to the business and its goals, as when brokers are supported and allowed to thrive, clients also get better outcomes.
Haventree Bank has invested heavily in building a solid partnership with the broker channel, and its ultimate objective is to create long-term, sustainable relationships that benefit everyone. Thomas notes that some of the best ideas for innovation often come directly from the broker channel.
“We maintain our competitive edge by listening to our brokers because they really provide valuable insights,” Thomas says. “We hold regular broker advisory committee meetings, and many of our initiatives come directly from the ideas raised there. We can’t take credit – it’s the brokers who are continuously helping us to innovate.
“We will remain agile, continuously seeking the advice of mortgage brokers as we configure products to be added to our ecosystem,” she adds. “Our commitment is to continue to provide innovative solutions to Canadians who are underserved by the traditional financial systems.”
Thomas joined Haventree Bank at the beginning of May 2024, bringing over 35 years of experience in retail banking. She’s developed a strong reputation for driving successful teams, and her role will focus on spearheading initiatives that align with the bank’s core values and commitments.
“Looking back, I believe all the experience I’ve amassed across my career has provided me with the right toolkit to help me elevate the brand and the broker channel, and I’m really aligned with the company’s strategy and vision,” Thomas comments.
“I’ve been in the industry for well over 30 years. I’ve been working with both banks and brokers, and I feel like I’ve come home.”
As Haventree Bank continues to innovate, Thomas says that client outcomes will remain front and centre. The bank is already undergoing a significant digital transformation, which will allow brokers to benefit from an array of new products and services and ultimately provide the best possible advice to those they serve.
“Advice is the key word in this very difficult macroeconomic climate,” Thomas concludes.
“Clients turn to brokers for guidance, and understanding the options available has never been more critical. Genuine connection and personalized advice remain indispensable – an algorithm cannot replace the human element.”
To learn more about Haventree Bank and its 12-month convertible mortgage product, click here.
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Helping brokers look out for their clients
Published May 27, 2024
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About us
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Copyright © 1996-2024 KM Business Information Canada Ltd.
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MORTGAGE INDUSTRY
BEST IN MORTGAGE
SPECIALTY
TV
Resources
US
CA
AU
NZ
UK
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People
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Copyright © 1996-2024 KM Business Information Canada Ltd.
“Clients turn to brokers for guidance, and understanding the options available has never been more critical. Genuine connection and personalized advice remain indispensable – an algorithm cannot replace the human element”
SUsan Thomas,
Haventree Bank
According to Susan Thomas, Haventree Bank’s newly appointed vice president of sales, the convertible mortgage product couldn’t have come at a better time.
“Our convertible mortgage product is so timely because it benefits a client when rates trend lower, which is what many economists anticipate,” Thomas tells CMP. “The world is uncertain but the expectation for mortgage rates is that they will begin to decline. The Haventree Bank convertible product allows borrowers the freedom to convert to lower rates on any payment date during the 12-month term.”
Flexible terms and underwriting
Excellent customer service
Extensive experience
Personalized package options
Haventree Bank:
key offerings
Source: ACORN Canada
3% of Canadians have no bank account
15% of Canadians have no chequing or savings accounts
Canadians underserved
in banking: the figures
