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The two tech companies have announced a new partnership to “help co-owners find the right mortgage and brokers write more loans”.
Co-operty, a property technology start-up that facilitates property co-ownership, has entered into a strategic integration agreement with Effi Technologies (Effi), a technology-driven efficiency platform for mortgage brokers.
According to the companies, this partnership aims to simplify the home buying process for Australians by leveraging technology to support co-ownership arrangements.
Under the new agreement, Co-operty and Effi will collaborate closely to integrate their technologies. This will enable a seamless experience where key features of the Co-operty app become directly accessible to mortgage brokers through the Effi platform.
Co-operty has already started referring clients to Effi to connect with brokers who can arrange financing for properties co-purchased with family or friends.
Frank Austin, head of distribution at Co-operty, commented on the partnership: “We really like Effi’s dedication to using technology to deliver more efficiency to mortgage brokers.
“For us, that’s a perfect alignment because Co-operty uses technology to simplify the process of buying a property together with friends or family.
“Effi’s AI-powered matching algorithm finds the right broker based on the borrower’s individual needs.
“That’s important for co-purchasing scenarios where, for example, Mum and Dad want to help an adult child onto the property ladder without sacrificing their own retirement goals.”
Later this year, brokers using Effi’s platform will have access to a range of co-ownership resources, including materials to set up essential co-ownership agreements.
This initiative aims to provide brokers with comprehensive tools to support clients interested in shared property ownership.
The Co-operty app facilitates co-ownership through the tenants-in-common form of land title registration, known for its flexibility in accommodating various life stages and estate planning needs.
Users of the app can collaborate in a secure digital environment to establish legal arrangements, engage expert conveyancers, and obtain property valuations. Co-operty also offers referrals to financial advisers and mortgage brokers.
Mandeep Sodhi, founder and CEO of Effi, welcomed the partnership: “Buying property with a friend or family member is an interesting option for a mortgage broker to explore with a client who can’t otherwise afford to buy in the current market.
“We’re excited for our partnership with Co-operty to deliver the dream of home ownership to more Australians and add value to Effi’s brokers and their clients.”
Earlier this year, Effi unveiled a new AI-powered SMS bot that supports brokers with appointment scheduling and client engagement at The Adviser’s Lead Generation Bootcamp.
[RELATED: New AI bot launches for brokers]
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