Launched in March, OneTwo Home Loans is growing
OneTwo Home Loans, an online mortgage business launched by ANZ’s external venture capital operation, is expected to hit $100 million in loans in the coming weeks.
OneTwo, which launched in early March, is passing on only 20 basis points of the recent 25-basis-point cash rate hike in a push to win business, The Australian reported. The company offers borrowers a discount for every 5% of a loan they pay off.
OneTwo recently launched in South Australia, with plans to start writing loans in New South Wales and Victoria this week. OneTwo is backed by 1835i, ANZ’s external venture capital and innovation partner, and the Lendi Group, owned by Commonwealth Bank.
Lendi is OneTwo’s distribution and technology partner, The Australian reported. OneTwo works with the broker platform to provide real-time credit approvals to borrowers.
Derek Sheerin, CEO of OneTwo, said the loan platform was similar to Lendi’s, but provided more feedback for borrowers.
“Our idea was to create gamified financial products to help people in the real estate market,” Sheerin told The Australian.
OneTwo, unlike many other online lenders, holds all of its technology internally on a single platform, the publication said.
“Today when you’re in the technology world, people buy other people’s technology and stitch it together. Those companies have to fit their vision and technology to what they buy,” Sheerin said. “We’ve built our own platform. It allows us to have a much lower cost and pass those on to customers.”
Funding for OneTwo’s loans is being provided by 1835i, but the loans will be held on OneTwo’s balance sheet, The Australian reported.
Sheerin told the publication that OneTwo had no plans to white-label its loan product and was in no hurry to list the business.
“Our immediate focus is to scale the platform and prove our product,” he said.
