Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

Sherlok celebrates $1m milestone

data platform ta data platform ta
reporter 5 minute read

The repricing and refi tool for brokers has reportedly saved broker clients more than $1 million since launching in March.

Sherlok, an AI-based tech platform that automates the repricing and refinancing process for brokers, has announced that it has saved broker clients over $1 million in home loan interest through its repricing platform.

Developed by broker and former AFL player Adam Grocke, the platform soft-launched in March 2021 and has been ramping up its growth in recent months.

According to the former director and broker at South Australian-based financial services company Johnston Grocke, Sherlok is helping brokers retain clients by automating the repricing process. On average, he said, it has saved clients an average of $2,000 per reprice, potentially saving brokers up to $7,200 in lost revenue (based on average lost upfront and trail over five years).


Mr Grocke told The Adviser: “The results have been incredible and far greater than we ever imagined this early. To have already reached our $1 million per annum interest savings target after just four months is incredible… If we keep this trajectory, we’ll be saving clients over $1 million per month by December 2021. That figure still blows my mind, but it’s absolutely possible.

“I just love the fact that Sherlok is putting the broker and the clients first to help achieve amazing outcomes. Brokers who use Sherlok are saving Australians so much money.”

He concluded: “Our mission is to put brokers and their clients first, and help everyone save money with a single click… it’s a win for the broker clients, the broker, aggregator and lenders if the client stays with the same lender for longer on a competitive interest rate.

“After all, by repricing, the client saves money, the broker saves money by keeping their trail, the aggregator saves money by having a larger loan book, and the lenders save money by not having to spend so much money on the high new-customer acquisition cost. It’s a unique win-win-win-win.”

The platform was built “by brokers, for brokers” to help them improve the client experience and save the broker time and money by reducing clawback.


By comparing customer data to 150 data points, Sherlok provides a ‘retention score’ for each loan in the book (taking into account the loan amount, interest rate, current LVR and their current property value etc) and outlines how much money a client can save if they repriced/refinance their home loan with a lender on their broker’s panel. 

The system then sends the customer a white label email from the broker, outlining the savings that could be had. Brokers also have the option of having the system automatically negotiate and reprice the loan with the current lender on their behalf digitally, with an email sent to the client from the broker when this has been completed.

[Related: New repricing and refi tool launches for brokers]


Sherlok celebrates $1m milestone
data platform ta
TheAdviser logo

Are you a new-to-industry broker in the process of growing your business? Then there’s some great news: The Adviser’s New Broker Academy is back in 2021 and will provide you with essential insights into cutting-edge tools, strategies and processes to fast-track to success. Don’t miss your chance to attend. To secure your FREE place, visit newbroker.com.au now!

data platform ta


more from the adviser
amanda stoker 850 ta

Breaking News

Assistant Minister for Women shares tips for women in finance

Senator Amanda Stoker, the Assistant Minister for Women, has shar...

money au ta

Breaking News

Business lender receives $87.5m ABSF investment

GetCapital is set to receive $87.5 million worth of mezzanine fun...

house construction new ta

Breaking News

Hot Property: The biggest property headlines from the week 13-17 September

The weekly round-up of the biggest news stories from across Momen...