Fintech to help consumers be their own broker

A new platform is soon to be launched that uses technology instead of a mortgage broker to help consumers find the right home loan.

The fintech, Hero BroKer, aims to give back to the consumer by giving them access to the complete home loan application process.

“By providing the right tools and technology to the borrower, we let them control their finances so they’re not reliant on a broker. They effectively become their own broker,” Clint Howen, founder of Hero BroKer told Australian Broker.

The Hero BroKer model is similar to other tech players such as Airbnb, Howen said.

“Airbnb looked at a sea of houses. They built a platform that enabled everyone who had a house to be the hotel, instead of trying to be the hotel themselves. They’re the biggest hotel in the world and they don’t own a single property.”

Hero BroKer takes the borrower through a number of steps before they obtain a loan, ensuring that each loan is put through in the right manner. Onsite videos are also provided, giving the borrower a full breakdown of various topics.

“For instance, if they want information on a feature like an offset account, a little information icon goes to a video which explains what an offset account is, why would you use it, etc.”

The more details the platform receives from the borrower, the more honed the final home loan list will be, Howen said.

“They go through those steps and only get shown the loans that match their criteria. Instead of having hundreds of loans like on a comparison site, you’ll only see four or five.”

The idea was born after Bowen had a poor experience with a mortgage broker and felt there was a gap in the industry which needed to be filled.


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Source: Fintech to help consumers be their own broker – AustralianBroker