Australia’s ‘first’ blockchain lender sets sights on mortgages

Australia’s “first” blockchain lender, which is set to launch next year, is offering a crowdsourced funding equity to brokers.

Australian Mortgage Marketplace (AMM), co-founded by industry stalwarts Graham Andersen (CEO) and Kym Dalton (COO), has pledged to “overhaul” the Australian mortgage market with the “biggest change since the GFC” by funding prime loans on “Australia’s first mortgage securitisation blockchain”.

According to the wholesale lender, which aims to be backed by major investors and industry super funds, its “Carbon” securitisation platform will leverage distributed ledger technology to deliver the benefits of increased transparency, security and automation.

Its operating efficiencies will also reportedly present “pricing benefits” for Australian borrowers, enabling partner brokers to tailor loans to clients’ needs and objectives and using risk-based pricing to deliver “unique product, personalised interest rates and a genuine approval in under 15 minutes”, according to AMM.

This is achieved through the company’s Intelligent Credit engine, which takes a holistic view of home loan applications, assessing scenarios “on merit rather than against broad eligibility rules”.

Its credit decision algorithms process applicant information, verified by third-party sources, “to provide immediate feedback to the broker and customer”.

AMM has said that it aims to “empower brokers to service customers more efficiently” through its Broker Plus portal, pledging that it would be a “genuine wholesale lender that won’t compete with a broker for the customer’s relationship”.

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Source: Australia’s ‘first’ blockchain lender sets sights on mortgages – The Adviser