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Online broker to enter major mortgage market

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Online broker to enter major mortgage market

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James Mitchell 2 minute read

A South Australia-based online mortgage broker has revealed that it will enter the lucrative Sydney mortgage market next month after partnering with a national media group.

Digital disrupter Joust recently announced the successful completion of another round of capital raising, with NOVA Entertainment Group as a strategic investor.

Joust has raised almost $2 million since its inception in early 2015. The home loan auction website launched with a pilot in South Australia in June 2016 and expanded into Victoria in October 2016.

The new capital raising provides the startup with funding to further expand its advertising and marketing activities into the NSW market beginning in March this year.

Joust co-founder and managing director Mark Bevan explained that 650 customers have used Joust for their home loan needs and that the value of home loans “jousted” has exceed $250 million.

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“We have been thrilled with the response to our pilot from the South Australian and Victorian public. We now have 11 banks on the platform and the continued support from existing investors and now NOVA Entertainment, gives us the confidence to expand in to the Sydney market next month,” Mr Bevan said.

Part of the fintech company’s push into the highly competitive Sydney market will be driven via radio advertising. After a successful campaign with Smooth FM in Melbourne, where the group saw $50 million worth of deals ‘jousted’ in one month, the company now hopes to replicate this success in Australia’s largest mortgage market.

“Scaling the business and increasing consumer awareness in the important markets of Melbourne and Sydney are key focus areas for Joust in the first half of 2017,” Mr Bevan said.

Joust was recently named as a finalist in the 2017 Fintech Business Awards under the category of Startup of the Year.

[Related: Lender embraces digital mortgage distribution]

Online broker to enter major mortgage market
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James Mitchell

James Mitchell

James Mitchell has over eight years’ experience as a financial reporter and is the editor of Wealth and Wellness at Momentum Media.

He has a sound pedigree to cover the business of mortgages and the converging financial services sector having reported for leading finance titles InvestorDaily, InvestorWeekly, Accountants Daily, ifa, Mortgage Business, Residential Property Manager, Real Estate Business, SMSF Adviser, Smart Property Investment, and The Adviser.

He has also been published in The Daily Telegraph and contributed online to FST Media and Mergermarket, part of the Financial Times Group.

James holds a BA (Hons) in English Literature and an MA in Journalism.

 

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