The Australian fintech getting rid of the mortgage brokers

Chris Pash - Business Insider - 19 July 2018

• • Fintech Joust connects home loan customers directly to more than 20 lenders, saving time and money.

• The startup aims to disrupt the mortgage broker channel.

• Real-time auction platform drives competition and transparency to deliver lower interest rates.

Joust, an Adelaide fintech which cuts out fees to mortgage brokers by linking home borrowers directly with lenders, has launched an equity crowdfunding campaign to raise $2 million.

The platform, aimed cutting out the middleman and disrupting the $2 billion in fees paid to mortgage brokers each year, has more than 20 lenders bidding in real-time to get the business of prospective borrowers.

“Joust is not a comparison site with a myriad of static rates, it is also not an online broker or aggregator,” says Mark Bevan, Joust co-founder and CEO.

“We are a revolutionary market-place model for home loan customers and lenders.

“Banks pay over $2 billion a year in commissions to mortgage brokers for the delivery of home loan borrowers, I know they want to pay less. We are the solution for banks and home loan consumers that want to circumvent the dated broker model. Our model is cheaper, simpler and more transparent.” Read more