AUSTRALIA’S FIRST BLOCKCHAIN LENDER TO OVERHAUL MORTGAGE MARKET
The Australian home loan market is going to experience the biggest change since the GFC, according to Australian Mortgage Marketplace.
Australian Mortgage Marketplace is the neo lender that has pioneered a new approach to lending by replacing the inefficiencies and inaccuracies of the current home loan market using the latest available technology.
“Right now, the market is broken with little innovation in the last decade. Existing lenders have breached the covenant of trust,” says Kym Dalton, Chief Operating Officer, Australian Mortgage Marketplace.
According to Australian Mortgage Marketplace, lenders treat loyal customers poorly whilst marginally meeting the requirements of responsible lending conduct.
Headquartered in Sydney and founded by experienced industry professionals, Australian Mortgage Marketplace is rethinking the entire lending process.
“Current lending credit assessment procedures are antiquated, resulting in a lack of consistency and lengthy times to approval. Products and procedures have not kept pace with fundamental changes to Australia’s work and life patterns, nor have the opportunities presented by advances in technology been embraced,” says Dalton.
Australian Mortgage Marketplace will fund loans on Australia’s first mortgage securitisation blockchain. The neo lender’s revolutionary smart securitisation platform ‘Carbon’ leverages distributed ledger technology to deliver the benefits of increased transparency, security and automation to superannuation funds and institutional investors. Carbon offers operating efficiencies that will create pricing benefits for Australian borrowers.
The lending process commences with Australian Mortgage Marketplace’s Intelligent Credit engine. Developed in house, the Intelligent Credit Engine enables partner brokers to provide tailored home loans.
“Australian Mortgage Marketplace’s Intelligent Credit takes a holistic view of home loan applications, assessing scenarios on merit, rather than against broad eligibility rules. The credit-decision algorithms process applicant information, verified by third-party sources, to provide immediate feedback to the broker and customer,” explains Dalton.
This system allows partner brokers to tailor loans to clients’ unique needs and objectives, using scientific risk-based pricing to deliver unique product, personalised interest rates, and a rapid, genuine approval.
Access to housing credit is vital for Australia’s economy. The banks’ recent lending changes following the Royal Commission has restricted lending to creditworthy borrowers on reasonable terms. Dedicated to the highest standards of Responsible Lending Conduct, Australian Mortgage Marketplace has revolutionised the responsible lending process via the Responsible Lending Engine.
“The Responsible Lending Engine ensures superior outcomes for customers while reducing friction between brokers and their customers,” says Dalton.
Opening for business on 1st March 2019, Australian Mortgage Marketplace is inviting people to invest in a Crowd-Sourced Funding offer.
To find out if you are eligible or for more information visit australianmortgage.com.