In a transformative collaboration, broker business Loan Gallery, home builder Metricon, and fintech Effi are launching two innovative open banking apps, poised to simplify Australians’ journey to homeownership.
Metricon customers are the initial beneficiaries of these apps, designed and brought to market by Loan Gallery. Positioned as financial tracker apps, they aim to assist savers in building deposits and guide borrowers in managing personal finances and navigating interest rates, facilitating a quicker path to homeownership.
The implementation of open banking is made possible by the national Consumer Data Right (CDR) regime, empowering consumers to request electronic sharing of bank data with approved third parties, fostering choice, confidence, and convenience.
Fintech platform Effi is at the forefront of app development, with open banking connectivity powered by the globally accredited financial data aggregator Envestnet® | Yodlee®.
Drew Glascott, Metricon’s General Manager of Sales in Victoria, envisions widespread benefits, emphasizing the alignment of these tools with their commitment to realizing Australians’ homeownership dreams.
The first app, a savings tracker, targets first-time buyers, providing a tailored financial plan to accumulate a crucial deposit and secure mortgage approval. It also equips Loan Gallery mortgage brokers with real-time insights into a borrower’s income and spending habits based on live bank data.
Steve Matsoukas, Loan Gallery Director, expresses enthusiasm about delivering the Savings Tracker under their brand, enabling mortgage brokers to nurture first-time homebuyers with a personalized savings plan, accelerating their journey onto the property ladder.
As an added strategic move, Loan Gallery plans to white-label Effi’s Loan Tracker tool, allowing brokers to foresee an individual’s current loan balance and predict the impact of future interest rate changes on affordability. Brokers will receive instant alerts on crucial changes, enabling timely outreach to borrowers with advice and options.
These developments coincide with Effi’s recognition of the crucial role played by mortgage brokers, especially in the current environment of rising living costs and interest rates. CEO Mandeep Sodhi underscores the vital role of mortgage brokers in assisting borrowers in navigating significant decisions.