Online home loan auction platform LoanDolphin has auctioned off more than $100 million worth of home loans on its platform since its inception earlier this year.
Launched in February 2016, LoanDolphin surpassed the $100 million milestone early August. LoanDolphin – a resident of Sydney fintech hub, Stone & Chalk – operates as an auction platform where brokers and banks can bid for a consumer’s home loan.
According to LoanDolphin co-founder and CEO Ranin Mendis, its success is due to the simplicity and efficiency the platform brings to the home loan process.
“It takes only three minutes for a customer to upload their home loan requirements (anonymously) before mortgage brokers, lenders and banks start bidding to offer them the lowest home loan rates in Australia,” he said.
“Most of the rates are either not advertised or offered to buyers the first time they try to secure a home loan.”
Mendis said the platform has, on average, saved customers around 87 basis points off their home loan interest rate.
Shortly after the platform launched, Mendis told Australian Broker
that he expects brokers to be the main partners
and users of the platform, as it can be a significant lead generation opportunity for brokers.