Australian mortgage marketplace HashChing is launching its own branded home loans for the first time, claiming to offer some of the lowest rates in Australia, and one of the fastest approval times on the market available through the mortgage brokers.
They say this is an opportunity for Australians to access highly competitive deals that are independent of the big four and large financial institutions, whose shady lending practices have been recently exposed by the Royal Commission.
Mandeep Sodhi, CEO of HashChing, said that securing a competitive rate with the banks is a stressful experience for most Australian borrowers.
“Even a slight difference in an interest rate can cost the average homeowner thousands of dollars each year,” said Mr Sodhi.
“That’s why so many Australians access the market through a mortgage broker, but finding a broker that aligns with their interests can also be challenging. This is what motivated us to launch HashChing and what has motivated us to offer competitive home loans through our platform.”
The new home loan product, which can only be accessed by HashChing mortgage brokers, gives borrowers access to approval within an impressive 24 hours, one of the fastest approval times available to Australians through the mortgage brokers.
“Timing can be the difference between owning your own dream home or missing out on the opportunity of a lifetime. The big banks typically take 4 to 5 days to complete an approval process, so we’re confident we can offer a service in this area that they cannot compete with.
“On top of that, our core business is offering instant access to the top rated mortgage brokers in any area who do all the legwork at no cost to borrowers, meaning we now offer a front to back mortgage service with some of the most competitive deals on market.”
HashChing started to initially solve the pain point of finding a community rated local broker in the area. The move to offer home loans through the platform is part of the greater expansion plans for HashChing, which is currently raising $5 million through crowdfunding platform Equitise.
HashChing is independent of the big banks and has chosen to undertake crowdfunding as a means to raise money while staying independent of any ownership by the banks. The funds will help to improve and expand the company’s current business activities and enable it to continue looking for ways to improve on the home loan process and offer better rates to borrowers.
Mr Sodhi said: “One of the main reasons we chose equity crowdfunding was because we wanted to stay independent. Unlike many other online mortgage platforms who are backed by a lender, we are and will continue to stand separate from the banks. We want our customers to become shareholders in HashChing and help us deliver the simple and effective end-to-end home loan journey that Australia is currently lacking.
“We look for ‘win-win’ opportunities, whereby if our customers do well, we do too – and vice versa. One such opportunity is allowing customers to own a piece of HashChing and benefit from any success we have. We’ve built this business on the ability to put more money back into the pockets of homeowners and not the banks, and this crowdfunding opportunity extends that vision to give our loyal customers and everyday Australians an opportunity to invest in a fast-growing disruptive start-up that they believe in.”
HashChing is Australia’s first online marketplace allowing consumers to access great home loan deals without having to shop around. Completely free to consumers, HashChing connects customers directly with verified mortgage brokers who further negotiate better rates from lenders, saving valuable time and money.
Equitise is an online equity crowdfunding platform connecting start-ups and high growth businesses, with a broad range of investors. We help businesses grow and thrive in a simple, intuitive and social way by disrupting the investment marketplace and removing the traditional funding barriers and costs.
