HashChing surpasses $1billion of home loans
Australia’s first marketplace for home loans, HashChing has today announced it has surpassed its $1 Billion of home loans milestone as momentum builds for the Sydney FinTech.
The team also welcomes corporate heavyweight, Claire Wivell Plater of The Fold Legal to its Advisory Board, further strengthening its position in the market.
Dubbed the Mortgage Whisperers, Mandeep Sodhi and Atul Narang are the founders of HashChing – an online marketplace for pre-negotiated home loan deals so good the banks don’t want you to know about them. HashChing offers home loans with interest rates below 4 per cent and well below banks’ standard advertised variable rates.
The platform initially launched in August with a few brokers across Australia, now more than a billion dollars’ worth of loans have already been received and more than 1200 mortgage brokers across the country have signed up to the platform providing hot deals to customers.
Mandeep Sodhi, CEO of HashChing said more Aussies are turning to technology to compare rates advertised by different lenders and it’s not just the convenience consumers are after.
“Customers aren’t just looking to save time. The key to our success is that our offer extends far beyond convenience. We’re able to offer pre-negotiated home loan deals from different lenders with equal features, the same products, but with an even better rate;”
“We’re getting great feedback from brokers too. We’ve been able to scale the way we have because we don’t charge a fee and the brokers only pay for loan settlements (not leads), which is a great incentive for them to join,” said Sodhi.
Atul Narang, CIO of HashChing said we are helping mortgage brokers by providing them the productivity tools to effectively manage the leads starting from setting reminders to document collection in a secure & easy way.
“Our broker registration process has been automated to make it really easy and quick by allowing them to digitally sign the contract which instantly activates their account and saves the paper clutter at both ends.”
“We have utilised AI capabilities into our platform and our proprietary algorithm learns from the broker behaviour while matching a consumer lead with a broker. I am in the process of bringing predictive analytics into our platform to target visitors with a specific home loan rate based on their geographical location and other attributes for a better consumer experience;
“We’ve hit a huge milestone today, with over $1 billion in home loans and we’re excited to be adding Claire’s wealth of experience to the team”, said Narang.
Fin Tech champion Claire Wivell Plater joins the HashChing advisory board with 14 years’ experience running The Fold Legal, as well as extensive experience helping innovative companies integrate the credit and financial services laws into their business.
“I’m passionate about ensuring the law is applied the way it was intended; to protect and enhance consumer experience. We’ve watched HashChing grow from their standing start to a billion dollars in loans in less than 12 months. We look forward to continued success”, said Plater.