A new type of fintech company is helping home buyer owners save on their home loans, using technology to drive competition and take business from the big banks.
The differences between mortgage deals offered by the big four banks are hard to spot and even harder to work out when looking for a home loan deal, according to an investigation by the consumer watchdog, the ACCC (Australian Competition and Consumer Commission).
The watchdog says there are signs of “less-than-vigorous” price competition in Australia’s $1.75 trillion mortgage lending industry.
However, a group of startups are trying to change that. A number of property-related fintechs have lodged entries to this year’s Finnie awards by industry group FinTech Australia. Winners of the 2018 Finnies, the second year of awards, will be announced June 13.
Sydney-based HashChing is a free online marketplace which connects customers, whether they’re taking out a new loan or refinancing, directly with mortgage brokers who then negotiate better rates from lenders. Read more
Chis Pash – Business Insider Australia – 13 Apr 2018