This SMART 100 profile and the information it contains is a duplication of content submitted by the applicant during the entry process. As a function of entry, applicants were required to declare that all details are factually correct, do not infringe on another’s intellectual property and are not unlawful, threatening, defamatory, invasive of privacy, obscene, or otherwise objectionable. Some profiles have been edited for reasons of space and clarity.
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1. THE BEGINNING
This innovation initially came to life when…
We are mortgage brokers and have seen huge growth in the local Asian community investing in properties, thus requiring more comprehensive financing solutions. We created chengdai.com.au, the first and only Australian mortgage products comparison site in Mandarin, which aims to remove language barriers for Asian investors to better understand hundreds of home loan products in the market for more informed decisions and greater product transparency.
2. WHAT & HOW
The purpose of this innovation is to…
…remove language barriers for Asian investors to better understand hundreds of home loan products in the market for more informed decisions and greater product transparency.
It does this by…
Allow site visitors to search and compare hundreds of home loan products available in the market, in their native language, presented with all product information such as rates, fees and product features. It also shows expected loan repayments and comes with loan and stamp duty calculators.
3. PURPOSE & BENEFITS
This innovation improves on what came before because…
…more informed decision making in choosing home loans based on greater product transparency.
Its various benefits to the customer/end-user include…
- Comprehensive product information in their native language
- One-click search for convenience
- Online enquiry and comparison of products
4. COMPETITIVE LANDSCAPE
In the past, this problem was solved by…
The problem was although the local Asian community speaks English and lives and works in Australia, they still prefer to speak Mandarin due to the complicated nature of home loan products. And face-to-face conversation tends to miss out some info, mainly because borrowers are unsure what to ask. The site presents all necessary info in their native language.
Its predecessors/competitors include…
The site is first and only in Mandarin. Indirect competitors are mostly rate comparison sites in the market such as iSelect or comparethemarket.com.au; however, chengdai.com.au serves the niche market of the Chinese-speaking community.
5. TARGET MARKET
It is made for…
…the local Chinese community in Australia looking to finance their investment activities in real estate. We look to expand this into the overseas market, aiming at investors from mainland China, Taiwan and Southeast Asian countries.
It is available for sale through…
Our marketing strategy is to…
…focus on the niche Chinese-speaking market. Avoid direct competition with established large players in the market. Due to the nature of our market, marketing expense is relatively affordable. However, we have had great PR exposure via AFR and news.com.au and other Chinese media.
FINE PRINT: This SMART 100 profile and the information it contains is a duplication of content submitted by the applicant during the entry process. As a function of entry, applicants were required to declare that all details are factually correct, do not infringe on another’s intellectual property and are not unlawful, threatening, defamatory, invasive of privacy, obscene, or otherwise objectionable. Some profiles have been edited for reasons of space and clarity.
