Home loan refinancing jumps but many find they have to sell up
Online mortgage broking market place LoanDolphin has seen the number of loan enquiries increase fourfold to more than $1.5 billion in the last year as many home owners seek to refinance. LoanDolphin founders Ranin Mendis and Rod Dutra have been analysing their data on borrowers who submit requests for loans on their website which mortgage brokers compete for. In the last 12 months, as property prices have slipped, lending rates risen (for some) and the royal commission into banking crimped lending practices, LoanDolphin has seen a huge increase in the number of enquiries for refinancing. “Many borrowers are looking to refinance as they’re starting to feel the pinch from rates,” […]
Xinja first to use innovative IRESS home loans platform in Australian market
Xinja has moved a step closer to delivering speedy, paperless home loans with the confirmation of its ongoing engagement with IRESS to process Xinja home loans. IRESS specialises in building technology for the financial services industry and the partnership provides Xinja with a home loan workflow platform that delivers fast decisions for consumers supported by IRESS technology. IRESS is a market leader in the UK, where one in every four home loans are processed using IRESS technology. Xinja is not yet a bank, but is building an independent, 100% digital bank – or ‘neobank’ – for Australians, designed entirely for mobile. It will offer a radically new banking experience built […]
Fintech slashes loan rates
A fintech lender has announced a reduction in its fixed home loan rates by up to 0.10%. Tic:Toc’s one-year fixed live-in rate is now 3.59% and its two-year fixed home loan will match its standard variable rate at 3.64%. According to the lender, the rate cut increases Tic:Toc’s standing as holding the lowest one and two year fixed rates in the market due to the cost efficiencies in its automated assessment and approval platform. Tic:Toc founder and CEO, Anthony Baum, said the decision to reduce fixed rates was great news for home loan customers and new home buyers looking for stability for the foreseeable future. He said, “We recognised there […]
How a Single Mother and First-time Entrepreneur is Helping People Get Loans in Five Days Using Blockchain
Founder Ruth Hatherley says the technology is a component of Australian fintech start-up Moneycatcha’s overall technical architecture. In 2015, few things happened in Ruth Hatherley’s life that put her “at a bit of a crossroads”. The single mother-of-one then decided to invest all her life savings into creating a prototype of Moneycatcha. Today, Moneycatcha is one of Australia’s leading fintech startups that uses blockchain to make the process of getting home loans quicker and cheaper. The finance industry was a familiar space for the Perth resident, long before Moneycatcha, but she “never really liked it per se”. “Counting money or reading financials didn’t excite me—I have a strange relationship with […]
Homeloans to fund and use Athena’s new home loan platform
Homeloans Ltd will provide debt funding to Athena Home Loans and has joined Macquarie and SquarePeg as a shareholder of the new home loan platform, which is preparing to launch later this year with technology to link mortgage borrowers directly with super funds and non-bank lenders. Athena, founded by two former National Australia Bank executives, is targeting $1 billion of lending in its first year, a drop in the ocean compared to the $1.7 trillion mortgage market. However, the strategic partnership announced by ASX-listed Homeloans on Monday morning shows major banks, which are grappling with a loss of customer trust due to the banking royal commission, are under growing pressure […]
HashChing settles over $1 Billion in Australian home loans in 3 years
When breakthrough home loan marketplace HashChing launched into the Australian home loans market in August 2015 – never did the founders believe the far-reaching impact their unique online business would have on the Australian mortgage market. Fast forward nearly three years and the results speak for themselves. Over one billion dollars worth of Australian home loans have been settled through the platform, $675 million worth of which were finalised in the last 12 months alone. HashChing has helped over 2,200 borrowers save more than $10 million in combined interest during the first year of their home loans. The platform has also collected more than 3,100 reviews on over 500 brokers […]
SocietyOne celebrates 6th anniversary as total lending approaches $500 million
SocietyOne, Australia’s pioneering and leading marketplace lender, has celebrated its sixth anniversary of operations as total lending since inception approaches $500 million. After making its first loan in August 2012, SocietyOne has now helped more than 20,000 customers thanks to more than $480 million provided by its investor funders. Based on current lending volumes, SocietyOne expects to achieve $500 million in total lending in September – making it the first marketplace lender to achieve this milestone. Since the beginning of 2016, total lending has grown nearly 6 times and SocietyOne’s loan book now totals over $220 million, up from $41 million at the start of 2016. “The last 12 months […]
Fintechs fill the void left by commission
Fintechs are filling the gap in SME lending as the big four banks concentrate on the fallout from the royal commission, according to one online lender. The fintech commercial lending space opened up in around 2013 and since then has reported an annual growth rate of around 79%. According to chief commercial officer at Moula, Matt Leeburn, part of this growth has been down to fintechs focusing on lending to SMEs, which make up more than 97% of all Australian businesses. He said that while the space is still “a while off” being a significant threat to the banks, there is a huge opportunity to help the “underserved” SME market. […]
