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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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
