One in five Australians don’t speak English at home and want advice in their native language
One in five Australians don’t speak English at home and want advice in their native language
Brokers with second languages have been given a major advantage, as broker listings site HashChing allowing borrowers to search by broker language.
Borrowers can search for brokers by location and now language, with 64 languages now being spoken by brokers on HashChing.
“The needs of multicultural Australia aren’t being adequately serviced by the big banks when it comes to applying for a mortgage,” said HashChing’s CIO Atul Narang. “It’s the most significant financial decision that anyone can make, and yet there’s no easy way to find home loan help in a specific language.”
Launching the language filter was a direct response to borrowers requests, Narang told MPA. “There is a big opportunity. Most of our brokers have selected multiple languages on their profiles, but there are still brokers who haven’t.”
300 languages down under
Australia is becoming more multicultural and brokers and banks need to keep up.
21% of Australians speak a language other than English at home, according to the 2016 Government Census. That figure was higher in New South Wales and Victoria, where the majority of brokers are based.
Whilst 64 languages are spoken by HashChing’s brokers, over 300 languages are spoken in Australian homes, according to the census. The top languages are Mandarin, Arabic, and Cantonese.
With almost all loan documentation being in English, this has presented major challenges to borrowers with a limited grasp of the language. Narang told MPA that, whilst most borrowers can navigate HashChing’s website, a multilingual broker is important later on: “when the contract goes to the consumer the broker who speaks my native language comes to my place and explains the contract to me, and obviously I feel more comfortable signing this document.”
Bank of mum and dad
Narang believes that the rise of the ‘Bank of Mum and Dad’ presents further opportunities for multilingual brokers.
A survey by Mozo in September found that the ‘Bank of Mum & Dad’ – when parents provide funds or guarantees for their children buying homes – is now Australia’s fifth-biggest lender, after the majors.
Narang notes that borrowers’ parents may have a more limited grasp of English and require a broker who can speak their language to be comfortable to move forward. The opportunity is huge: 49% of Australians are first or second-generation immigrants.
Brokers with second languages have been given a major advantage, as broker listings site HashChing allowing borrowers to search by broker language.
Borrowers can search for brokers by location and now language, with 64 languages now being spoken by brokers on HashChing.
“The needs of multicultural Australia aren’t being adequately serviced by the big banks when it comes to applying for a mortgage,” said HashChing’s CIO Atul Narang. “It’s the most significant financial decision that anyone can make, and yet there’s no easy way to find home loan help in a specific language.”
Launching the language filter was a direct response to borrowers requests, Narang told MPA. “There is a big opportunity. Most of our brokers have selected multiple languages on their profiles, but there are still brokers who haven’t.”
300 languages down under
Australia is becoming more multicultural and brokers and banks need to keep up.
21% of Australians speak a language other than English at home, according to the 2016 Government Census. That figure was higher in New South Wales and Victoria, where the majority of brokers are based.
Whilst 64 languages are spoken by HashChing’s brokers, over 300 languages are spoken in Australian homes, according to the census. The top languages are Mandarin, Arabic, and Cantonese.
With almost all loan documentation being in English, this has presented major challenges to borrowers with a limited grasp of the language. Narang told MPA that, whilst most borrowers can navigate HashChing’s website, a multilingual broker is important later on: “when the contract goes to the consumer the broker who speaks my native language comes to my place and explains the contract to me, and obviously I feel more comfortable signing this document.”
Bank of mum and dad
Narang believes that the rise of the ‘Bank of Mum and Dad’ presents further opportunities for multilingual brokers.
A survey by Mozo in September found that the ‘Bank of Mum & Dad’ – when parents provide funds or guarantees for their children buying homes – is now Australia’s fifth-biggest lender, after the majors.
Narang notes that borrowers’ parents may have a more limited grasp of English and require a broker who can speak their language to be comfortable to move forward. The opportunity is huge: 49% of Australians are first or second-generation immigrants.
