Sydney-based online home loan marketplace, HashChing, is shaking up the industry by giving potential borrowers the chance to bypass the big banks and get a better home loan deal from over 550 community rated mortgage brokers across Australia.
Deputy Premier and Minister for Small Business John Barilaro said the NSW Government had backed the rapidly growing fintech with a $700,000 loan from Jobs for NSW which is set to help the business create 46 jobs over the next five years.
“Jobs for NSW is helping some of our brightest business people overcome barriers to finance - it’s about making smart investments that allow good business ideas and businesses to grow,” he said.
“The Jobs for NSW Strategic Growth Loan will allow the company to hire software developers, product developers, a data scientist and sales and marketing staff to support HashChing’s continued growth.”
HashChing launched in August 2015 and reports it now has over $900 million settled through their platform.
HashChing founder and CEO Mandeep Sodhi, said that Jobs for NSW had been extremely helpful in ensuring that HashChing remains at the forefront of the industry.
“We are expanding rapidly. This loan will help us hire more staff and secure the resources needed to keep up and scale the business quickly, as well as develop new products,” he said.
HashChing now has 586 mortgage brokers on its platform, has settled more than 1,950 loans and is growing at 700 per cent year-on-year.
“We felt the team at Jobs for NSW was exceptionally helpful. The process was great and they had a firm understanding of our business model. Dealing with Jobs for NSW was much easier than dealing with a VC and I think they are playing a great role in supporting startups.
“This additional capital also means we can hire people locally, as opposed to looking offshore, which helps our national economy.
“In the next six to 12 months we are looking to raise more capital. We want to have 1,000 paying brokers by the end of December 2019 but also reach $20 billion in home loan applications by the end of the year.
“The ultimate goal is to create a market place where consumers can get all their financial needs in one place - not just home loans,” said Mr Sodhi.