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Independent online mortgage marketplace HashChing has brought to market a conveyancing partnership that provides customers with a one stop shop solution for legal assistance on home loan settlements.
Removing one of the major pain points of property transactions, for a fixed fee, customers can be instantly partnered with experienced solicitors who specialise in real estate settlement.
HashChing is a mortgage marketplace that connects customers looking for home loan deals with experienced community rated mortgage brokers nationwide.
Since launching less than four years ago, HashChing has settled more than $1.3 billion worth of home loan applications and has helped more than 46,000 Australians get a better deal on their home loans. 
“We know that around 20% of settlements are delayed due to a conveyancer’s inefficiency and we’re tackling this problem head on,” said HashChing CEO Mandeep Sodhi. 
“We also know that many transactions are very complex and often end up requiring litigation, which is why partnering with experienced solicitors makes so much sense.”
Sodhi said research showed two out of three first home buyers did not know what conveyancing was, with nearly 40% mistakenly believing it referred to checking property boundaries or other physical matters with the property.
“Our army of community rated mortgage brokers already help Australian borrowers by dealing with banks and lenders on their behalf, and the online mortgage marketplace is now looking to streamline the legal part of the process as well.” he said.
Once a HashChing mortgage broker lodges the loan, borrowers can utilise conveyancing services and get connected to certified solicitors within minutes from their HashChing consumer portal.  
“Getting all the legal documents organised has traditionally been one of the most time-consuming and inefficient parts of buying a property.
"Borrowers are at the mercy of conveyancers, who can sometimes drag the process out unnecessarily and worse – charge more for their own delay.  
Sodhi said borrowers looking to purchase a property without an experienced solicitor were potentially gambling with hundreds of thousands of dollars. 
“By integrating a conveyancing solution into the HashChing online portal, our prices are fixed starting from $995 incl GST plus disbursements, there are no nasty surprises or hidden fees for borrowers, either,” he said.
Customers can log-in to the online dashboard at any stage to check progress of their application with the solicitor.
In addition to the real-time updates to borrower, the HashChing partner broker is also kept updated on the progress through their portal with the exact breakdown of the home loan costs that need to be lodged with the lender.  
 
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New conveyancing service to make HashChing home loan process faster

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NAB's low home loan rate has been queried as higher than portrayed.
Praised recently as the only big four bank to keep its variable interest rates stable in the recent out of cycle rate hikes, HashChing calculates NAB already had the highest variable rates of the big four.
HashChing's claim was based on the loan rates for each of the big four banks averaged across HashChing’s data from June, July, and August.
Westpac who were slammed for being the <a href="https://www.urban.com.au/expert-insights/finance/88676-westpac-is-the-first-of-the-big-four-banks-to-hike-out-of-cycle" target="_blank">first to hike rates out of cycle</a> actually had the lowest rates in the first three months of the fiscal year compared to the other big four banks.
HashChing is an online home loan marketplace.
<img src="https://www.urban.com.au/images/2018/10/17/HashChing%20Graph.JPG" alt="">
Averaged over June, July, and August, NAB had the most expensive interest rates at 3.94%, 22 basis points above Westpac’s 3.72%.
On a $500,000 home loan, this difference amounts to $24,000 over the life of a loan.
The data also showed that with new loans, Westpac was again the best choice based on rates alone.
The worst choice for consumers taking out a new loan was ANZ whose rates were at a full 26 basis points higher than Westpac, ANZ customers would spend an additional $27,000 over the life of a loan.
"It’s not just ironic, it’s audacious for NAB to proudly claim they were rebuilding trust with Australians when in fact they had the highest rates to begin," HashChing CEO Mandeep Sodhi said.
"It’s no wonder faith in the financial system has been eroded.“
"Homeowners are stressed. It’s becoming harder than ever for Australians to refinance their loans. The tightening lending restrictions, a cooling housing market, and out-of-cycle rate hikes have all had a significant impact.”
Mr Sodhi urged consumers to do their research and engage with a mortgage broker in order to navigate the rapidly changing market and get the best offer possible.
He added, “what’s a fraction of a percent worth? Tens of thousands of dollars. That’s why it’s so crucial that homeowners have reputable brokers in their corner. They do the hard work for them and help protect them from extensive losses.”
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NAB have the most expensive home loan rates of the big four: HashChing

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A quarter of brokers in the RBA survey conducted by online home loan marketplace HashChing have seen clients trying to refinance to banks which aren't raising their rates.
Siobhan Hayden, COO of online home loan marketplace HashChing, said it's no surprise.
“As expected, the Royal Commission into banking and recent variable rate hikes has severely battered consumer confidence and trust," she said.
"Borrowers are — and rightfully so— more skeptical of the big banks than ever, so it is no surprise that over a quarter of the brokers surveyed have already noticed clients trying to refinance with lenders who have not raised their rates." 
Almost a third of brokers surveyed have noticed an increase in lenders refinancing away from CBA, Westpac and ANZ and other lenders who have recently increase their variable rates.
“Despite the recent concerns around the cooling housing market, rising cost of living, stagnant wage growth, and interest rate hikes; over 60 per cent of brokers identified that the most common motivator for clients seeking to refinance was simply because they were financially savvy and wanted to shop around for the best deal," Hayden said.
"That’s compared to just 15 per cent that believe the main driver to refinance is the rising cost of living and 9 per cent that think it is rate increases. 
HashChing's RBA October survey found that almost 10 percent more brokers indicated that they expected an interest rate rise by Christmas.
Over 90 percent of brokers surveyed expect the cash rate to remain on hold in October. 
Nearly two thirds have noticed an increase in enquiries for fixed interest rate home loan products following the recent hike in variable rates.  
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Borrowers refinancing with lenders who aren't raising rates: HashChing survey

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Online mortgage marketplace HashChing has welcomed financial services and media heavyweights Paul Rickard and Marty Switzer to its advisory board.
Paul Rickard is a well-respected financial services veteran.
Previously the founding managing director of CommSec and a senior executive and CIO of Commonwealth Bank, he is now a non-executive director at Property Exchange Australia (PEXA), Tyro Payments and Switzer Asset Management Limited.
Marty Switzer brings a wealth of media savvy to the HashChing board with his extensive experience as a finance commentator across broadcast, print and online.
He is also the chief operating officer of Switzer, a leading media and financial services group.
Both have also invested an undisclosed amount in HashChing as part of the company’s current $6 million capital raise.
Rickard and Switzer join senior executives already on the HashChing advisory board who boast expertise across fin-tech, foreign investment, legal, and financial planning: Victor Jiang, Helen Lorigan, Claire Wivell-Plater and Siobhan Hayden.
“I'm excited to be involved with HashChing.
“Mandeep and the team have done an outstanding job in building a disruptive business model and distribution network in such a short period of time.
“The future looks bright and I am looking forward to the journey,” said Mr Switzer.
“The HashChing business model of connecting home loan borrowers with customer- reviewed brokers and the best rates is unique, and I am excited by the investment opportunity,” said Mr Rickard.
HashChing CEO Mandeep Sodhi said the new additions to the board would be instrumental in helping the company disrupt the stranglehold of the big four banks and evolve its business model to encompass other financial services successfully.
Since launching in August 2015, the online mortgage marketplace has received more than $7 billion worth of home loan applications, helped upwards of 14,000 customers find a better deal on their home loan and boasts an expansive network of more than 500 verified brokers.
The company has also achieved a number of other industry firsts by incorporating cutting-edge technologies, including predictive analytics, geo-targeting, machine learning and virtual verification of identity (VOI) into their platform.
Rickard and Switzer join senior executives already on the HashChing advisory board who boast expertise across fin-tech, foreign investment, legal, and financial planning: Victor Jiang, Helen Lorigan, Claire Wivell-Plater and Siobhan Hayden.
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HashChing fin-tech adds Switzer links to its advisory board 

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A national snapshot of refinance applications made to mortgage marketplace HashChing has pinpointed the suburbs in Australia where borrowers are paying the highest interest rates.
The data, which analysed more than 1,000 mortgage applicants over December 2017 and January 2017, found several suburbs in Sydney, Melbourne and Brisbane where borrowers were paying well above the average home loan interest rate.
In Sydney, the average interest rate is 4.46 per cent, however mortgagees in The Ponds, Doonside, Quakers Hill, Campbelltown and Stanhope Gardens are paying up to 7.88 percent.
The average interest rate in Melbourne is 4.46 percent, but borrowers in Blackburn, Glen Waverley, South Morang, Mernda, Narre Warren and Cranbourne are paying as much as 7.04 percent interest.
Brisbane’s average interest rate is 4.72 percent, however home owners in Coomera, Advancetown, Austinville, Labrador, Surfers Paradise, Brendale and Springbrook are paying off home loans with interest rates as high as 7.39 percent.
Mandeep Sodhi, CEO of HashChing, said one of the main drivers of higher interest rates in those suburbs was the large population of self-employed borrowers.
“The data demonstrates that mortgagees who are paying interest rates of more than 5 per cent tend to be currently or formerly self-employed.
“Previously, banks charged higher interest rates for self-employed borrowers as they were deemed riskier due to an unstable income.
"However, the market has changed, and banks have become more amenable to offering a competitive interest rate to these customers,” he said.
The average interest rate for self-employed borrowers was found to be as much as 1 per cent higher than it was for salaried borrowers.
For a $500,000 loan over a 25-year term, this can amount to paying an additional $87,383 over the life of the loan.
“Self-employed borrowers may not realise they can get a better home loan rate, especially as this information isn’t being communicated from their bank or lender.
"This disconnect is costing them tens of thousands of dollars,” said Mr Sodhi.
HashChing is a mortgage marketplace connecting customers looking for good home loan deals with experienced mortgage brokers nationwide, rated and reviewed by customers.
Since launching 18 months ago, the business has received more than $3 billion worth of home loan applications.
HashChing deals with all lenders, including non-banks, online providers, building societies and credit unions through their network of partner mortgage brokers.
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