Tic:Toc expands to Tasmania, as NSW investors rush to purchase in Hobart.
Australian fintech Tic:Toc, announced their world first instant home loan platform will be made available to customers purchasing or refinancing properties in Tasmania. The online home loan, which uses a digital decisioning system to assess and approve finance in as little as 22 minutes, launched in July 2017 and initially excluded Tasmanian and Northern Territory properties from being eligible for finance. The expansion coincides with the latest results from CoreLogic RP Data, which shows Hobart has had the largest increase in home value year on year at 11.49%, ahead of Melbourne (10.10%) and Canberra (5.84%)[1]. Mainlanders have accounted for 23% of sales in Tasmania to date (REIT), with gross value […]
Bank rules get tougher so technology’s importance grows
Borrowers who embrace apps and budgeting technology that tracks their spending are giving themselves a better chance of grabbing a good loan amid a crackdown by regulators. Stricter rules around loan serviceability means people able to prove what they spend are getting the upper hand. Financial regulator APRA last month called for more realistic living expense details on loan applications and increased vigilance by lenders. People’s Choice Credit Union spokesman Stuart Symons said reliable records were becoming increasingly important, and borrowers could help themselves “by being on the front foot”. “If you can’t show what you spend, a lender may look instead to an estimate that shows a higher level […]
Credible founder Stephen Dash comes home for biggest ASX tech IPO of 2017
A 33-year-old Australian tech entrepreneur, who left Australia five years ago for Silicon Valley, will return home to ring the bell at the Australian Securities Exchange on Friday as his fintech company Credible becomes the biggest local tech float of the year. Stephen Dash, a former investment director at Mark Carnegie’s private equity, venture capital and advisory firm M.H. Carnegie, already raised over $US20 million ($26.5 million) in external funding for the US-focused online student loan marketplace before raising $68 million through an initial public offering, which valued the company at $306.6 million. Credible has carved out a potentially lucrative niche in the US market, where students have typically paid […]
Yellow Brick Road and Prospa join forces to boost small business
Yellow Brick Road has added Australia’s leading online lender, Prospa, to its lending panel in order to diversify its offering for small business customers. “A large number of our clients are small business owners,” Mark Bouris, Executive Chairman of Yellow Brick Road said. “We understand that the financial needs of a small business are unique, and it makes sense to offer new ways to fund their growth.” “I talk to small business owners all the time, and funding is an issue that comes up time and time again. Either the bank says no to a loan, or it say yes but wants the owner to put their house […]
Banking gap widens as tech-savvy consumers look to new products
They’re called peer-to-peer lenders or fintech companies and they’re shaking up the world of consumer loans and bank deposits. Here’s why. The gap between what people pay for consumer loans and what they get from bank deposits is widening, prompting them to look to new financial technologies for better interest rates. Peer-to-peer lender RateSetter has examined big bank profit margins and found that while they are paying record low rates on deposits their lending rates for personal loans and credit cards continue to climb. “You can drive a bus through the spread between bank deposits and consumer lending rates,” said RateSetter CEO Dan Foggo. “Publicity stunts such as dropping fees […]
Funding.com.au launches mortgage-backed peer-to-peer investor platform
Mortgage lender funding.com.au has just announced the release of its highly anticipated peer-to-peer investor platform – with an impressive advantage over its competitors. Unlike other prominent peer-to-peer lenders including SocietyOne and RateSetter, loans issued by funding.com.au are backed by mortgages over Australian real estate. It is the first startup of its kind in Australia to gain regulatory authorisation to allow both wholesale and retail investors access to residential and commercial mortgages. The platform gives investors direct access to the short to medium term mortgage market – a lucrative asset class that has traditionally been guarded by the banks and sophisticated investors. Individuals, private entities and self managed super funds (SMSF) […]
5 Aussie fintech firms that are shaking up the home loan business
by Richard Whitten, finder.com.au The home loan industry is about to change in many ways with these Aussie startups leading the way. The home loan market is a multi-billion dollar industry that hasn’t yet seen many of the same disruptions as other industries. But that’s about to change. Fintech companies boasting apps, algorithms, blockchains and automated platforms are all promising to make the process of buying a house easier and faster.Here are five Aussie fintech companies who are poised to shake up the home loan market. Tic:Toc Tic:Toc launched earlier this year with a headline grabbing promise: the 22-minute home loan (application that is, not your repayments). This startup’s promise […]
Sydney fintech Waddle just secured a $50 million debt funding round
Online cash flow lender Waddle has secured a $50 million debt funding facility, as it revealed it almost doubled its lending volume in the last financial year. The software is integrated into popular small business accounting packages like Xero, Intuit and MYOB to be able to look at which invoices are overdue for its customer. Based on this information, money is instantly lent out at the click of a button. The Sydney startup saw a 84% spike in lending volume for the 2017 financial year, which exceeded the initially expected mark of $30 million. Waddle co-founder Simon Creighton said the genre was previously “plagued” with complexities like factor pricing, contracts […]
