The firm will utilize market with Effi’s white-label financial tracker tools
Loan Gallery, a mortgage broker group based in Melbourne, has announced a partnership with Effi, a specialist fintech platform, in order to make home buying more accessible for Australians.
“We are excited to partner with Effi to deliver the Savings Tracker under our own brand so mortgage brokers can nurture first-time home buyers with a personalised savings plan that will accelerate them onto the property ladder,” said Steve Matsoukas (pictured right), director at Loan Gallery.
With the partnership, Loan Gallery will be the first to market using Effi’s new white-label financial tracker tools, which are custom-built personal financial management (PFM) apps powered by open banking.
The Savings Tracker will help mortgage brokers understand a borrower’s income and spending habits in real time. Along with a designated broker, the tracker will help a borrower establish a deposit savings goal as well as receive support to achieve it.
Effi’s Loan Tracker tool will also allow mortgage brokers to see the current loan balance and predict how future changes to the interest rate may affect affordability. Brokers will be able to get instant alerts regarding changes and tell them to reach out to borrowers with advice and options.
“In the current environment, with rising living costs and interest rates, mortgage brokers play a vital role assisting borrowers to navigate big decisions,” said Mandeep Sodhi (pictured centre), founder and CEO of Effi. “Loan Tracker helps brokers to support borrowers to take the right steps at the right time, preventing costly mistakes and mortgage stress.”
“Increasingly, mortgage brokers are stepping into the role of trusted advisors rather than transaction agents and fintech apps powered by open banking technology are the perfect way to deliver that service at scale,” said Taner Uzelakcil (pictured left), director of business development A/NZ at Envestnet | Yodlee.
Effi’s Savings Tracker and Loan Tracker tools are enabled by Envestnet | Yodlee, an accredited data recipient authorised by the Australian Competition and Consumer Commission for open banking under the Consumer Data Right (CDR).
