Fintch “uno” has received a $16.5m strategic investment from Westpac. uno is a digital mortgage service offering households tools to search, compare and settle a better home loan for themselves online, including realtime chat
uno allows consumers to access real-time home loan rates based on their personal situation – not just advertised rates. These next generation tools– that in the past only a traditional mortgage broker would have access to – allow them to calculate their borrowing power across lenders, save and share their data with someone else getting the home loan, and select the option that best suits their needs. The entire system is built on the premise that if people had the right knowledge and access to information, they could do better for themselves.
The entire uno loan application process can be done from a desktop, tablet and smartphone, and is supported by a team of experts who can help with real-time advice, when a consumer wants it.
So it is an alternative to a mortgage broker and so far they say more than $400m loans have been search for via the platform. uno’s home loan experts that provide advice do not personally receive sales commissions. The company says they take out all of the filters and pre-decisions that traditional brokers apply before making a recommendation to a home buyer and instead offers full transparency, putting decision making power in the hands of the consumer.
The company says: uno is redefining the way property finance is secured by using a ‘technology plus people’ approach to provide the consumer the power to get a home loan that gives them a better deal – from both major and smaller lenders via any digital device with real-time advice and support. Driven by next generation tools and calculators with the capability to provide real-time home loan rates and borrowing power based on a consumer’s personal situation, uno has reimagined how Australians can buy or refinance a home.
The successful launch of unohomeloans.com.au in May this year has attracted a number of high profile investors, such as Westpac, that have discovered the service’s potential to redefine how Australians buy or refinance their home.
The popularity of the unohomeloans.com.au service has grown rapidly as customers have discovered the benefits of having greater power in the home loan search process, and direct access to the technology and information that traditional mortgage brokers use. uno’s offering also includes full-service support and advice for customers via chat, phone and video, helping customers search, compare and settle in the one place.
Founder and CEO of uno, Vincent Turner, said in the three months since launch, millions of dollars’ worth of loans had been settled as customers reviewed their loan position with uno’s service team to find a better deal in today’s low interest rate environment.
Mr Turner said: “We’ve grown to 34 employees to meet the service demands of thousands of registered customers who have used the platform to compare more than $400 million worth of mortgages. With the support of our investors we’ve worked hard to test and enhance the customer experience, as well as finesse the functionality of our original platform to include options such as new calculators and video chat.”
Chief Strategy Officer at Westpac, Gary Thursby, said: “uno’s success has been impressive and we’re seeing its potential to become a serious player in the home loan market. Westpac has been involved since the concept phase, and today we’re pleased to announce we will increase our involvement in uno as a strategic investor. Westpac is proud of its reputation as a supporter of early stage fintech companies like uno that drive digital innovation and benefit Australians.”
Mr Turner added: “We knew from the start that by creating a platform with direct visibility to lenders’ products and pricing, we could give Australians greater control over the home loan process and the confidence to achieve the best home loan deal. We also challenged the status quo by giving customers the ability to search, compare and settle a home loan in the one place, which has proven extremely useful for busy professionals. “With the healthy investment we need to drive the company forward, we are excited to keep expanding and help more people get a better home loan.”
