The need to be shrewd in the property boom
It’s said that buying a property is one of the most stressful life events. Further, mortgage lender incompetence, bank and finance problems are in the top 20 most stressful aspects of selling a property. For two people, those frustrations spawned the next big idea to hit the FinTech industry.
Mandeep Sodhi, a loyal customer to his bank, thought he had secured the best rate on his home loan. Atul Narang on the other hand secured a better rate on his loan through a broker – but it wasn’t that easy, having already experienced two bad brokers. With this experience, the pair joined forces to bring clarity and simplicity to the market with HashChing, Australia’s first online marketplace for home loans.
HashChing founders, Mandeep and Atul believed that most Australians go through the same frustrating experiences when buying property with no recourse for help. Of course, there’s a plethora of comparison sites with choice aplenty, but according to Mandeep, they merely promote advertised rates and direct consumers back to the lenders’ website. Then comes the negotiation with lenders which becomes time consuming and hard when restricted to office hours. The market needed a shakeup.
Mandeep said “we noticed that 52% of home loans are now written by mortgage brokers in Australia who do all the legwork and negotiation on behalf of consumers but there was no platform out there that connects consumers to rated mortgage brokers.”
