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Australia’s first home loan marketplace has hit the $1 billion mark in under a year

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HashChing founders Atul Narang and Mandeep Sodhi

Australia’s first marketplace for home loans, HashChing recently announced its $1 billion of home loans milestone as momentum builds for the Sydney based fintech company.

Dubbed the ‘mortgage whisperers’, Mandeep Sodhi and Atul Narang are the founders of HashChing – an online marketplace for pre-negotiated home loan deals which offers home loans with interest rates below 4% and well below banks’ standard advertised variable rates.

The platform initially launched in August 2015 with a few brokers across Australia, now more than a billion dollars’ worth of loans have already been received and more than 1200 mortgage brokers across the country have signed up to the platform providing hot deals to customers.

The HashChing team will also welcome corporate heavyweight, Claire Wivell Plater of The Fold Legal to its advisory board, further strengthening its position in the market.

Claire is a long standing member of the Business Advisory Committee to ASIC’s Licensing Division and was recently appointed to the Treasurer’s FinTech Advisory Group.

How has HashChing grown this fast?

CEO Sodhi said more Aussies are turning to technology to compare rates advertised by different lenders, but it’s not just the convenience consumers are after.

“Customers aren’t just looking to save time. The key to our success is that our offer extends far beyond convenience. We’re able to offer pre-negotiated home loan deals from different lenders with equal features, the same products, but with an even better rate;”

“We’re growing at a rapid pace. One of the reasons we’ve been able to scale the way we have is because we don’t charge per lead, which is a great incentive for them to join.

CIO Narang highlighted the company is helping mortgage brokers by providing them the productivity tools to effectively manage the leads starting from setting reminders to document collection in a secure & easy way.

“Our broker registration process has been automated to make it really easy and quick by allowing them to digitally sign the contract which instantly activates their account and saves the paper clutter at both ends.”

“We have utilised AI capabilities into our platform and our proprietary algorithm learns from the broker behaviour while matching a consumer lead with a broker. I am in the process of bringing predictive analytics into our platform to target visitors with a specific home loan rate based on their geographical location and other attributes for a better consumer experience,” said Narang.

To make its services better and smoother, the company recently partnered with DocuSign in a bid to digitise their process and offer customers a revolutionary service.

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