Powered by MOMENTUM MEDIA
the adviser logo
Broker

More than half of Joust loans ‘won’ by brokers

by Annie Kane11 minute read
More than half of Joust loans ‘won’ by brokers

Over 50 per cent of home loan opportunities sent through the platform have been won by brokers, the mortgage auction platform has revealed.

According to the fintech, which began working with brokers last year after merging with LoanDolphin, more than half of the mortgages placed onto auction by customers for lenders and brokers to bid on are being won by the mortgage brokers. 

Joust CEO Carl Hammerschmidt said the platform continued to grow its audience, with record numbers of brokers signing onto the platform to bid for business.

He said: “We strive to be a genuine growth partner for mortgage brokers of all different sizes. Our marketplace product can be used on demand by partners to scale their business quickly, or simply access to more opportunities when they foresee gaps in their pipeline.” 

==
==

Mr Hammerschmidt said that Joust had signed over 20 new partners onto the platform in the last quarter, stating it was “pleasing to see [Joust’s] partner pipelines filling out just as quickly, and having to onboard more partners at a faster rate than ever before”.

“Our data first approach along with a soft Equifax credit check provides a more compelling offering for brokers,” he said.

“As a home loan marketplace, we want to deliver a digital route to market that allows lenders and brokers of all sizes to compete on a level playing field.” 

Principal finance broker at NSW-based brokerage LoanCaddie, Mathew Marasigan, was one such broker who joined Joust last year, stating that the platform had enabled the brokerage to provide “quality advice and rates to more borrowers across Australia”, particularly in South Australia. He added that it had been “positive for [his] clients’ outcomes” and for the brokerage itself.

According to Mr Hammerschmidt, the home loan auction platform platform has experienced a surge in the number of mortgage enquiries coming through the platform in recent months, with approximately $200 million in loan opportunities submitted for the month of February. 

He said: “In line with the broader market, we’re extremely pleased to see our volume almost double in comparison to our average volume over the second half of 2020.”

The Joust CEO revealed that 80 per cent of all enquiries were from owner-occupiers, with 70 per cent relating to requests to refinance.

He added that the average LVR for loans being sent to the marketplace auction platform was 67 per cent and the average loan size was above $500,000.

[Related: LoanDolphin merges with Joust]

carl hammerschmidt

AUTHOR

Annie Kane is the managing editor of Momentum's mortgage broking title, The Adviser.

As well as leading the editorial strategy, Annie writes news and features about the Australian broking industry, the mortgage market, financial regulation, fintechs and the wider lending landscape.

She is also the host of the Elite Broker, New Broker, Mortgage & Finance Leader, Women in Finance and In Focus podcasts and The Adviser Live webcasts. 

Annie regularly emcees industry events and awards, such as the Better Business Summit, the Women in Finance Summit as well as other industry events.

Prior to joining The Adviser in 2016, Annie wrote for The Guardian Australia and had a speciality in sustainability.

She has also had her work published in several leading consumer titles, including Elle (Australia) magazine, BBC Music, BBC History and Homes & Antiques magazines.  

JOIN THE DISCUSSION

You need to be a member to post comments. Become a member for free today!