Brokers

Apr
24

ANZ partners with broker fintech tool

ANZ has announced it has entered into a relationship with Loanapp, a new e-lodgement tool for brokers to submit residential mortgage applications. The lender will initially make Loanapp available through integrations with aggregators, AFG and Connective. The Loanapp platform was built to the LIXI CAL 2.0 standard, which allows lenders to manage broker submission tools instantly. It is built so that mortgage brokers using Loanapp can ensure they are up to date and complying with lenders’ requirements in real time. ANZ general manager residential broker Simone Tilley said, “This is a transformational step for our business. Simpology follow the agile methodology and is capable of implementing change smoothly and efficiently. […]

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Apr
24

Brokers split on fintech competition

More than half of mortgage brokers are not concerned about increased competition from online broking platforms, according to a recent survey. Despite this, almost a third of respondents said they were looking to improve the digital capabilities of their businesses. The survey was completed by MyState Bank’s national broker network. More than 47% of brokers responded saying that in the face of increased competition from online broking platforms, they would remain focused on their existing business models, which they considered to be competitive. A further 13% said they believed the threat of greater competition from online platforms was not significant to them. However, not all of the broking community agreed […]

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Apr
23

Hero Broker brings new choices to the mortgage market

A new startup called Hero Broker is launching, aimed at shifting the $2B in annual commission, that is paid to brokers, directly into the pockets of consumers. Hero Broker provides consumers a personalised, direct home loan search & application alternative to mortgage brokers and banks. It considers a number of inputs, including; borrowing amount, type of loan and other features, with a wealth of educational support videos. It then presents the consumer with various options for them to choose from. The savings generated by not engaging in a broker are passed directly to the consumer. Hero Broker Founder Clint Howen said the idea is really simple. “We just give clear […]

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Apr
17

Fintech start-ups threaten mortgage broking old guard amid royal commission heat

The emergence of fintech disrupters to the lucrative mortgage broking industry is being driven by three key dynamics. First, banks pay $2 billion a year in commissions to mortgage brokers for the delivery of home loan borrowers – but want to pay less. Second, the Hayne royal commission is investigating whether current broker pay structures create conflicts of interest and exploring better ways to serve customers. Third, technology is making self-service easier, and “open banking” will put customers in control of their data, including all the information required to make a mortgage application. So enter the mortgage broking entrepreneurs and a bunch of start-ups ruffling the feathers of the powerful […]

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CashDeck releases software to help brokers and borrowers prepare for tougher lending measures

There’s no doubting that the Hayne Royal Commission will bring about changes to the way borrowers, brokers and bankers behave. As lenders are required to more carefully scrutinise loan applications and living expenses, it is expected that home buyers borrowing power will be greatly reduced. A recent UBS report suggests that credit availability could be cut by 21 to 41%, depending on income. While nobody can tell exactly what measures will come about, change is certain, and smart brokers will already be making changes to their business processes. Compliance will be top of the list, and for brokers this will mean more accurately assessing living expenses—an onerous task. Technology must […]

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Broker raises money through crowdfunding

Mortgage startup Hero Broker has begun a crowd-sourced funding campaign following the recent fundraising success of digital lender Xinja. It is the only mortgage company so far that has tried to raise funds through crowd-sourced funding since ASIC licensed seven companies in January to provide CSF services. Founder Clint Howen told Australian Broker that the company will use the funds to strengthen its business and accelerate growth. “We have hit a chord with particular demographic segments that are not being served by current broker groups, and we believe there’s a huge opportunity there.” The platform launched last year promising borrowers access to the complete home loan application process. Howen said […]

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Feb
02

Marketplace lender reveals big plans for broker channel

MoneyPlace CEO Stuart Stoyan is banking on Liberty’s broker relationships and funding capabilities to execute an ambitious strategy for the widespread distribution of personal loans through the third-party channel. Few marketplace lenders have been able to successfully crack into the Australian broker market. Yet peer-to-peer lenders, fintech players and alternative online funders offering personal or SME loans are now a well-established feature of the Australian lending landscape. According to KPMG, Australia has overtaken Japan as the second-largest alternative finance market in the Asia-Pacific region, growing by 53 per cent in one year to US$609 million ($774 million) in 2016. While home loans are the mainstay for mortgage brokers, Liberty CEO […]

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Nov
27

Tic:Toc to undercut broker distribution in white label play

Mortgage brokers are facing a double threat from online lender Tic:Toc, which is seeing a surge in demand from consumers and interest from banks and non-bank lenders looking for cheaper distribution. Tic:Toc promotes its quick turnaround times and convenience. The group only offers its own branded mortgages, which it says can be approved within 22 minutes through a completely online process. The fintech started lending four months ago and has received approximately $330 million of applications in that time, with conversions hovering around 17 per cent this month. “The new competitive battleground in mortgages is speed, and that is best delivered through an end-to-end digital fulfillment process like ours,” Tic:Toc […]

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