News and Announcements
HashChing to Make Obtaining Home Loans Easier with Blockchain Technology
- Published October 24, 2017 12:00AM UTC
- Publisher Wholesale Investor
- Categories Company Updates
KEY TAKEAWAYS:
- Fintech start-ups like HashChing are formed because of the market’s frustration with the banking system.
- HashChing seeks to make home loan mortgage more efficient with the use of a distributed ledger technology known blockchain.
- The 679 brokers of HashChing makes life easier for 23,959 borrowers who are eyeing loans worth $12 billion.
HashChing, the first online home loan marketplace in Australia, is set to make the process of obtaining a home loan contract more efficient with the use of the distributed ledger technology known as blockchain.
As it is, HashChing already connects consumers to verified and reputable mortgage brokers online, allowing them to negotiate better mortgage rates without having to shop around. Consumers can use HashChing to receive informed financial information from financial experts for free.
“We have been exploring blockchain in the home loan contract, smart contract space and securitisation as well. It’s more in the future roadmap but mostly around how quickly can we exchange a contract, through smart contracts,” HashChing CEO Mandeep Sodhi said.
Sodhi said the vision is to make financial information more transparent so that Australians will be able to get good home deals.
“Start-ups are tapping into AI technology, through Amazon Alexa, Google. It’s where banks are lagging, but start-ups are moving fast. That’s what banks need to think about,” Sodhi said.
HashChing first entertained the idea of using blockchain back in 2014. This was after a major bank could not match a home loan rate secured by a broker. At that time, Sodhi got his bank mortgage at a discounted rate specifically for employees only to find out later that a friend got a lower rate at the same bank. That friend turned out to be Hash-Ching co-founder, Atul Narang.
Sodhi said there are thousands of people who use home loan comparison sites to get better home loan rates. This sparked the idea of Hash-Ching which starts the home loan mortgage journey by getting a negotiated rate from a broker who secures it from the lender.
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