Banks join online mortgage platform that bypasses brokers

WRITTEN BY
James Mitchell
May 02, 2016

Several regional banks and credit unions are expected to begin providing home loans via a new online platform that aims to “take business from brokers”.

South Australian-based fintech start-up Joust is preparing its innovative real time platform which lenders can use to compete for the home loan business.

The brainchild of former major bank executive Mark Bevan, Joust created an online marketplace which connects consumers directly with lenders via a live auction process. Bids from the lenders can be seen in real time on a desktop or smart device.

Adelaide Bank, Beyond Bank, People’s Choice Credit Union and Bank SA are expected to join Bank of Queensland, Gateway Credit Union and Australian Unity as “foundation lenders” on the new platform.

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