A fintech start-up has expanded into the mortgage space and will be launching its new mortgage broking offering via Australian Finance Group (AFG).
Finspo announced the partnership as it prepares to launch its app crafted to help Australians save on their banking; one of the group’s features, ‘rate my rate’, helps users identify if they could be getting a better deal elsewhere. Now, with access to AFG’s panel of lenders and the expertise of its brokers, consumers can be helped through to securing a more optimal rate on their home loan.
“We’re partnering with AFG so we can give our customers access to a wide range of lenders, and to a team of experts who can help them through the process,” explained Finspo CEO Angus Gilfillan.
“Australians continue to pay for their loyalty to their lender – new customers are getting better deals from the banks than existing customers. When it comes to saving on your banking, there’s a lot people can do themselves… but, sometimes – like when it comes to your home loan – it pays to have an expert in your corner.”
Nathan Taddeo has been brought onboard to lead the new broker arm of the fintech.
“I got into mortgage broking because I wanted to help people, and Finspo has that mission at the core of its business,” said the former managing director at Credo Financial Services.
“Finspo is passionate about levelling the playing field between banks and Australians, and that’s a passion I share," Taddeo added.
According to AFG national manager of strategic partners and recruitment, Them Lam, AFG’s technology and suite of services provides the “engine” Finspo needs to bring its offering to the Australian mortgage market.
AFG head of sales and distribution, Chris Slater, chimed in to explain the partnership with Finspo is part of the aggregator’s broader efforts to bring more competition to the Australian mortgage market.
Finspo is currently testing its app, which includes an overview of the true cost of a user’s banking across multiple products and providers, personalised insights on where users could save and easy to follow actions on how to save and how to get a better home loan rate, with customers. According to Gilfillan, it has been received well and will be launched to the public “very soon”.