Brokers

Nov
29

Digitisation of loan variations ‘more important than ever’

The renewed focus on responsible lending has brought into focus the need for lenders to digitise the loan variation process for brokers, a technology sales director has said. Speaking to Mortgage Business, NextGen.Net’s sale director Tony Carn said that more lenders needed to focus on offering digital loan variations in order to “empower brokers to actually look after customer transactions on an ongoing basis”. Mr Carn noted that lenders had historically focused on digital loan applications for new loans but often neglected similar offerings for variations to existing loans – such as switching from interest-only to principal and interest repayments, moving from a fixed rate to a variable rate, the […]

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Oct
11

Open banking could make expense checks easier for brokers

Brokers will be one of the many beneficiaries of the comprehensive credit reporting and open banking regimes, according to mortgage industry executives. Stephen Moore, CEO of Choice, believes brokers will significantly benefit from the mandatory comprehensive credit reporting (CCR) regime — which is yet to be legislated despite the government imposing a deadline on the major banks to submit 50 per cent of their CCR data by 30 September 2018 — and open banking more broadly. “We have a fundamental belief that the future of broking for many brokers is a combination of digital interaction with customers married with high-quality face-to-face advice,” Mr Moore told The Adviser. “The reason we say that is because […]

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Oct
02

Citi tapped to raise for online broker ahead of IPO

There’s never a dull moment in the emerging fintech sector. Street Talk can reveal online trading broker ThinkMarkets has hired investment bank Citi to oversee a second pre-initial public offering funding round, which is expected to value the company at more than $100 million. Sources said Citi will seek to raise $20 million to $30 million from the private market ahead of ​an ASX listing in 2019. The company raised $5.6 million earlier this year in an oversubscribed funding round that was cornerstoned by Regal Funds Management and mining entrepreneur Tolga Kumova. Elysium Capital Partners is the long-time strategic adviser for ThinkMarkets. The Hamza Habib-led firm oversaw the previous funding round and has navigated discussions between the company, which recorded a record profit […]

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Sep
27

Digital disruption disrupting brokers

Digital disruption could be a threat to broker networks, according to APRA chairman Wayne Byres. The chairman spoke at the Australian Prudential Regulation Authority’s (APRA) Curious Thinkers Conference in Sydney on 24 September. He discussed the impact on emerging fintechs, saying it was “too soon to tell whether the financial world faces evolution or revolution”. Outlining several scenarios which could play out, Byres said either way the production and delivery of financial services would change. In his speech, he said technological advancements in finance will change in the future as new technologies have already allowed smaller businesses to enter the space. Here he said, “The advent of digital distribution and […]

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Sep
25

New fintech launches in Australia

A fintech firm attesting to be “your online personal loan broker” has announced its transition to Australia, after tackling the United Kingdom and the USA. Friendly Finance provides consumers with a point of reference when seeking credit online, focusing on credit cards, loans and insurance. The fintech offers real-time comparisons on the best deals for the credit they’re looking for. The Co-Founders of Friendly Finance, UK-born Layton Brooks and Oliver Peckham, have both financial and technological experience, which they decided to merge for the venture. Brooks said, “The transition into the Australian fintech space has been an exciting one at that. After building on our experiences at Quintessential Finance Group […]

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Jul
18

$2bn of broker commissions in fintech’s crosshairs

An Australian fintech has set its sights on disrupting the dominance of the mortgage broking industry by appealing to the banks who it claims are keen to reduce the $2 billion they spend on broker commissions. Adelaide-based online home loan platform Joust has distanced itself from its competitors in the fintech space, which has seen a flurry of mortgage disruptors in recent years. “Joust is not a comparison site with a myriad of static rates. It is also not an online broker or aggregator. We are a revolutionary marketplace model for home loan customers and lenders,” Joust co-founder and CEO Mark Bevan said. Joust is leveraging the negative press that […]

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Jul
10

The fintech transformation

According to one fintech expert, brokers could soon be replaced by smart speakers. But will customers embrace such a technological leap? Until the early 2000s, the process of booking a holiday involved trips to multiple travel agencies, hours thumbing through glossy brochures, and more sit-down meetings than the average mortgage currently requires. Today it’s a task that can be completed on a mobile phone during a coffee break. There are many reasons why the travel industry experienced such a shift, from the lure of competitive prices to the convenience of consumers becoming their own armchair agents. People simply wanted to take more control. Seeing the same demands echo throughout the […]

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May
08

P2P lender partners with Finsure

Peer-to-peer (P2P) lender RateSetter has teamed up with aggregators Finsure and LoanKit. Under the partnership, more than 1,400 brokers accredited with Finsure and LoanKit will be able to offer their clients RateSetter’s personal loan and green loan products. Daniel Foggo, CEO of RateSetter, said that joining the aggregators’ lending panel will help accredited brokers improve their client’s financial wellbeing outside traditional mortgage and insurance offerings with a better deal on personal loans and green loans. He added, “Whether it’s helping clients with paying down expensive credit card debt, purchasing a car or installing solar power for their home, RateSetter’s low-rate loans will give Finsure and LoanKit brokers a new way […]

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