HashChing settles over $1 Billion in Australian home loans in 3 years

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 and established a nation-wide footprint, with customers and mortgage brokers in all states and territories. Recently, HashChing received an Australian Credit Licence, allowing it to bring new products to market.

For Mandeep Sodhi, founder and CEO of HashChing, the journey from initial company concept through to execution of a multi award winning disruptor business has been the ride of a lifetime.

“HashChing originated via a ‘light bulb’ moment when I thought I was getting a good deal on a home loan – but I actually wasn’t,” he said.

“I thought my interest rate was good because I worked in a bank – but my friend was getting even a better rate, through the exact same bank, because he was using a really good broker, with access to great deals that lenders never tell you about. The business spun out of that moment.

HashChing provides an online platform for mortgage brokers to publicly advertise their best home loan deals. We give borrowers access to rates they’d never normally hear about because our high-quality brokers pre-negotiate them ahead of time. Additionally, HashChing directly connects borrowers with the tailored services of high performing local mortgage brokers, who would otherwise be hard to find online.” he said.

At a time when there’s continued pressure on house prices and lending restrictions are being tightened, Mr Sodhi believes now more than ever do consumers need the power of a technology platform like HashChing and the experience its expansive network of brokers provide.

“Our brokers are best of breed. They bring to HashChing experience and expertise. We know that over half of all borrowers use a broker, but that means that there are many borrowers missing out on good deals and great customer service,” Mr Sodhi said.

“If the Royal Commission has told us anything, it’s that there’s going to be renewed regulatory focus across the entire industry and that’s why borrowers are best served with the help and expertise of a certified professional who has access to the best rates possible.”