Pete Steel, former digital chief of Commonwealth Bank of Australia, has launched his own mortgage refinancing fintech, True Savings.
Steel left the bank in February 2020 for Boston Consulting Group, after a 16-year CBA career that saw him appointed as CIO of the retail and business bank in 2012, and culiminated in a five-year sting as executive general manager, digital.
True Savings enables users to scour the market for better mortgage rates and offers refinancing options for those who want switch.
Steel announced the launch on LinkedIn: "Huge milestone! I’m delighted we’ve launched our new digital + expert True platform to help Australian families take control of their home loans. Our first feature - True Check. It's powered by a realtime database of market rates, and takes less than a minute to see how much you can save."
The launch comes after months of beta testing with a select group of customers who enjoyed average annual savings of $5,810 on their mortgage.