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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.
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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]
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