Online mortgage startup HashChing is advertising with a billboard above a Commonwealth Bank of Australia (CBA) branch.
The home loan marketplace has launched a campaign against the big banks, which includes this billboard in the Melbourne CBD. The slogan reads, “Our brokers will go to mortgage hell, so you don’t have to”.
Mandeep Sodhi, CEO of HashChing, said the new billboard made light of the fact that applying for a mortgage or refinancing an existing one can be quite an onerous experience.
He added, “By positioning this billboard above a CBA branch, we’re encouraging the 80% of borrowers who are currently with a big four bank to find a better deal on the HashChing mortgage marketplace. Never mind the additional paperwork and red tape - our brokers will take care of the entire process.”
According to the company, a large portion of HashChing’s customer base consists of borrowers refinancing away from CBA.
A recent survey the group conducted also found that 70% of its brokers had seen an increase in customer enquiries about using banks other than the big four.
HashChing’s anti-big-bank stance extends to its latest funding round. It is currently raising money by offering shares on crowdfunding platform Equitise. Money raised will go towards marketing campaigns like this.
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