The online home loan auction platform has launched a new matching tool that connects brokers and mortgagors.
Joust, which began working with brokers last year after merging with LoanDolphin, has officially expanded its Joust Instant Match tool to connect brokers to borrowers.
The tool, which currently connects borrowers with lenders and brokers who bid for their business, has now been redeveloped to enable brokers to secure more customers.
Joust CEO Carl Hammerschmidt said the tool was “perfectly suited” to the broker channel, stating: “Instant Match is already a proven, successful tool for matching borrowers to lenders.”
“Over the past 12 months, we have been refining the product and optimising it for brokers with a few key partners. We’re very excited to be taking it to the broader broker market.
“Instant Match is ideal for brokers who know which customers they want to work with. Property investment lending specialists can target property investors and new build buyers can be matched with a broker who understands their journey.
“The tool has been designed to help broker businesses target clients in a digital environment, driving customer acquisition in a highly cost-effective way.”
How it works
Brokers signing up to the platform will be able to select the types of borrower they wish to service (for example, by loan type, income level, loan-to-value ratio etc) and the data-driven platform can be ‘switched on and off’ by brokers when they wish to generate more business.
According to Joust’s chief revenue officer, Anny Le Wilson, the tool had been in a trial pilot with brokers – guided by Joust ‘ambassadors’ FBAA director Clive Kirkpatrick and former PLAN Australia executive David O’Toole – and has been developed to include pre-qualified data, following broker feedback.
Speaking to The Adviser, Ms Le Wilson said: “The consumer puts in 10-20 data points when they’re using Instant Match. When they are matched up with the broker that will be able to cater for what they’ve asked for in the match service, the broker can see that data.
“The reason why we call it Instant Match is because they want an instant conversation, they don’t want to wait five or four days for a call.
“We believe that the data points speak to what the broker generally would ask the consumer for to engage in a quality conversation.
“We’ve made sure that the information that brokers get from customers who have asked for Instant Match is valid data, so that a broker can take it on and have that quality conversation with the customer when engaging them about their home loan or financial needs,” she said.
Commenting on the launch, consultant Clive Kirkpatrick said: “Major brokerages pay a huge amount of money for leads with low conversion rates. The rising cost of acquiring customers in the broker space has been an industry-wide problem.”
“Aggregators can help their brokers become more efficient and productive by providing a more sophisticated connection mechanism like Instant Match.”
Joust receives a flat fee each time a lender or broker receives a match to a loan profile that has been created on the Joust Instant Match product.
[Related: LoanDolphin merges with Joust]
Annie Kane is the editor of The Adviser and Mortgage Business.
As well as writing about the Australian broking industry, the mortgage market, financial regulation, fintechs and the wider lending landscape – Annie is also the host of the Elite Broker and In Focus podcasts and The Adviser Live webcasts.
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