Interstar to become Challenger

Sydney, Nov 16, 2006 (ABN Newswire) - After months of planning, Interstar will be integrated into the Challenger (ASX: CGF) brand on 20 November. The rebrand follows the release of a number of product advancements which include the re-launch of the Non-Conforming product range, new fixed rate products and launch of the debit card. The rebrand to Challenger will consolidate the number of brands the Mortgage Management division has in the market and ensure the communication of a consistent marketing message.

The rebrand is supported by a brand new marketing campaign, the campaign features motor racing imagery to illustrate the launch of the 'Your business engine' theme, as well as the move to the Challenger brand.

Overview

The Prime & Non-Conforming business offers a suite of wholesale mortgage products in a white label format. The Preferred Lender re-brands the products under their own product or brand name. Current loan book for this business sits at the A$17 billion dollar mark. As opposed to bank lenders who fund from their balance sheets Mortgage Management uses securities to fund its lending. It has been highly successful in securing funding in both local and international markets.

The Mortgage Management products are split into two customer types: conforming and non-conforming. Conforming applies to individuals who have a stable credit history, are employed or self-employed. The non-conforming business, services individuals who might have an impaired credit history and are unable to access funds via traditional lenders.

The Challenger brand and service levels are highly regarded and recognised by mortgage originators and it's key strengths include product innovation, customer service, state of art technology and relationship building.