Metricon customers get a boost from open banking apps that help navigate interest rates and make home ownership more accessible
Customers of Metricon, Australia’s largest home builder, are early beneficiaries of two new open banking apps being brought to market by Loan Gallery, the largest mortgage broking business in Australia supporting the land and construction industry.
The innovative financial tracker apps support savers to build up a deposit and help borrowers to manage their personal finances and navigate interest rates so they can own their home sooner.
Drew Glascott, Metricon’s General Manager – Sales Victorian Housing, commented that the apps will undoubtedly benefit thousands of Metricon’s customers on their journey to owning their own home.
“These new financial tools align perfectly with our commitment to help more Australians achieve their dream of home ownership,” he said.
The apps have been developed by Effi, a fintech platform that drives efficiency for mortgage brokers, and the open banking connectivity is powered by Envestnet® | Yodlee ®, a global financial data aggregator that is locally accredited.
The Savings Tracker app is focused on first-time home buyers who need a financial plan to save up that vital deposit and unlock a mortgage approval so they can step onto the property ladder.
The app enables Loan Gallery mortgage brokers to understand a borrower’s income and spending habits in real time based on live bank data. By using the app, and working with the broker, the borrower can establish a deposit savings goal and receive support to achieve it.
“We are excited to partner with Effi to deliver the Savings Tracker under our own brand so mortgage brokers can nurture first-time home buyers with a personalised savings plan that will accelerate them onto the property ladder,” said Steve Matsoukas, Director at Loan Gallery.
Additionally, Loan Gallery will white label Effi’s Loan Tracker tool, which goes beyond income and expenditure tracking to allow mortgage brokers to see the current loan balance and predict how future interest rate changes might impact affordability. Brokers get instant alerts on crucial changes, prompting them to reach out to borrowers with timely advice and options. This eliminates the delay and hassle of borrowers emailing bank statements prior to an annual review.
As a technology innovator in the mortgage industry, the Effi platform has been purpose-built to leverage fintech solutions that drive efficiency for mortgage brokers in delivering a modern, value-added service.
“In the current environment, with rising living costs and interest rates, mortgage brokers play a vital role assisting borrowers to navigate big decisions,” said Mandeep Sodhi, Founder & CEO at Effi. “Loan Tracker helps brokers to support borrowers to take the right steps at the right time, preventing costly mistakes and mortgage stress,” he said.
Open banking under the Consumer Data Right (CDR) is a national regime that gives consumers the right to request electronic sharing of their bank data with an approved third party to support choice, confidence and convenience.
The Savings Tracker and Loan Tracker tools are enabled by live open banking feeds provided by Envestnet® | Yodlee ®, an active Accredited Data Recipient authorised by the Australian Competition and Consumer Commission.
“Increasingly, mortgage brokers are stepping into the role of trusted advisors rather than transaction agents and fintech apps powered by open banking technology are the perfect way to deliver that service at scale,” said Taner Uzelakcil, Director of Business Development A/NZ at Envestnet | Yodlee.