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HashChing [SMART 100, 2017]

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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…

Mandeep, who was working for Westpac at the time, thought he had secured an excellent rate on his home loan through a staff discount. He boasted to his friend, Atul, about the interest rate he had secured, only to find out that Atul had gotten a better interest rate via a mortgage broker. They realised there was a business opportunity to make the competitive interest rates through mortgage brokers publicly available through an online marketplace. HashChing would not only let customers compare rates, but also communicate with brokers – from the initial enquiry all the way through to loan settlement.

2. WHAT & HOW

The purpose of this innovation is to…

…enable consumers to access great home loan deals without having to shop around. Completely free to consumers, it connects them directly with verified mortgage brokers who negotiate better rates from lenders in order to save valuable time and money.

It does this by…

…taking advantage of the fact that banks offer better interest rates to mortgage brokers than they do to customers. By enabling mortgage brokers to post those rates on HashChing, customers are able to quickly and easily see the interest rates available through mortgage brokers in their area, and brokers are able to use HashChing as a valuable source of leads.

3. PURPOSE & BENEFITS

This innovation improves on what came before because…

…until HashChing launched, there was no easy way to compare home loans that mortgage brokers offered from a single location. HashChing now has 550+ active mortgage brokers on the books, offering deals from 60+ lenders. Customers are able to find competitive home loan deals below four per cent from lenders including the big four banks.

Its various benefits to the customer/end-user include…

…saving customers tens of thousands of dollars off their home loan. Whether customers are applying for a new loan or refinancing, customers can easily research their options through a variety of lenders and find the right product for their needs.

4. COMPETITIVE LANDSCAPE

In the past, this problem was solved by…

…previous comparison sites, which listed the rates offered directly to customers and simply linked through to the bank or lender’s website. HashChing lists home loan deals that are available via mortgage brokers, which had never been done before, and the entire process – from initial enquiry through to settlement – is accomplished through the mortgage broker using the HashChing platform.

Its predecessors/competitors include…

Finder, RateCity, Mozo, CANSTAR

5. TARGET MARKET

It is made for…

…borrowers who are looking to purchase a new property (either as owner-occupier or investor) or refinance an existing property. It is also made for high-quality mortgage brokers Australia-wide who are able to offer competitive home loan deals. Through its ratings system, which uses artificial intelligence, HashChing is able to dynamically select mortgage brokers who offer the best service and recommend these brokers to borrowers in their area.

It is available for sale through…

HashChing is available online. It is free for consumers to use, and brokers are charged a small commission fee on settlement of the loan.

Our marketing strategy is to…

…know what channels work for us and boost our efforts accordingly. After we closed our round of funding, we increased our marketing spend, and since then, our monthly revenue has increased by 12x. We are utilising different media channels for advertising, including TV, print and social, and we are partnering with companies who help consumers with their home buying journey.

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.

Maven Judge Vote: HashChing – Smart 100 2017
(Please note – The form below is for judging purposes only and is restricted to the public)

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