Brisbane-based fintech WLTH has officially entered the residential and commercial lending space with the launch of its mortgage offering.
According to an IT Brief report, WLTH has rolled out its variable loan product for owner-occupied residential properties with a rate of 2.09%. This will be available for new purchases and refinances.
This launch was part of its initial plans to offer residential, commercial, and self-managed superannuation fund (SMSF) lending solutions before breaking into the digital payments sector sometime this year.
Interested borrowers can apply through WLTH's Lending Loop platform, which employs a five-step digital application process. Borrowers can apply for loans and access lending specialists through the platform.
WLTH was founded by serial entrepreneurs Brodie Haupt, Drew Haupt, Darren Hodgkin, and John Kerr in 2019. The company projects to write $1.23bn worth of residential and commercial loans by the end of financial year 2022.
Haupt said the company was established with the aim of addressing the need for "improved financial experiences.”
"For too long Australians have had to jump through hoops in order to secure a loan, whether it be for personal or business purposes,” he told IT Brief.
“With tenuous paper centric application processes and a lack of user-friendly tech products to manage and interact with their financial institution, we strongly believe WLTH is in a unique position to bring an improved and higher value experience to market.”