Melbourne Storm set to offer home loans to 25,000 members

The Melbourne Storm are set to launch their own branded home loan service.

It is set to pioneer sporting clubs offering its members access to financial products.

The Storm is launching Storm Money in partnership with the private My Local Broker.

My Local Broker will be the funder of the loans. My Local Broker is owned by Gerry Ryan, a part-owner and director of the Storm.

The Storm will share commissions. The members will be offered deals from about 40 or so different loan providers.

Storm chief executive Dave Donaghy said the concept arose from a survey of the club’s 25,000 members this year about their financial priorities.

“We looked at our sponsorship portfolio and found we had a gap in the banking sector,” Mr Donaghy told The Australian.

Almost 40 per cent of Storm members have home loans and close to 60 per cent told the club they were looking to refinance within a year, with 40 per cent saying they’d be likely or highly likely to change if offered an exclusive deal from a Storm sponsor.