the adviser logo

Borrowers become brokers with new platform

by Huntley Mitchell5 minute read

A new mortgage platform has been launched that enables borrowers to complete the entire loan process online and get paid just like a broker.

Hero BroKer is an online platform that borrowers can use to compare home loan rates, as well as apply for a mortgage and receive approval for finance.

To continue reading the rest of this article, create a free account
Already have an account? Sign in

With a panel of over 40 lenders, Hero BroKer founder Clint Howen said the platform is similar to a comparison website, except that it allows the borrower to complete the whole process of getting a mortgage, as well as refinancing.

“We basically turn the borrower into the mortgage broker using technology,” he told The Adviser.


“We provide the tools and resources for borrowers to compare mortgage rates and apply using our online platform. We then consult with borrowers to find out their current circumstances and how they fit with the loan features – which is where the human element comes in – and our back-end support is there to make sure their application is compliant and that the loan is processed successfully.”

Mr Howen said borrowers are rewarded for doing most of the legwork in finding the right loan by being paid the same upfront commission that a broker would receive from a lender, while Hero BroKer takes the trail as well as the administration fee.

“It’s a huge incentive for borrowers to research and apply for a loan themselves,” he said.

“ASIC is reviewing broker commission structures, and what they want is more transparency – that’s what we’re giving them. We show borrowers the commission they’ll be getting paid from each lender.”

Having recruited a team of two loan writers for his back-office support team, and with two more set join, Mr Howen said the feedback from brokers who caught wind of HeroBroKer has been great.

“I know some brokers who initially hated the idea and said it wouldn’t be successful, but now they’ve come back to me saying it's an awesome concept and want to know how they can get involved,” he said.

Mr Howen said the idea came about from a bad experience he had with a broker five years ago, where he felt like he got “the raw end of the deal”.

“Being a Gen Y, I wanted to be in control, and wondered why I couldn't do the same legwork that a broker does,” he said.

“I went and pitched the idea in San Franciso, and that’s where I made some really good inroads and had some really big venture capital funds showing interest.

"However, I hit a few compliance roadblocks in the US, so I came back to Australia and launched it here,” Mr Howen said.

With Millennials being the target market, Mr Howen said he plans to launch HeroBroKer in Canada and the UK in the near future, followed by the US.

“We envisage that the loan process will be completely online in the future, and we want to be at the forefront of that,” he said.

[Related: Banks join online platform that bypasses brokers]

Borrowers become brokers with new platform
internet  x
TheAdviser logo
internet  x


You need to be a member to post comments. Register for free today


daniel tuttlebee resimac asset fInance ta l27zun

Resimac takes controlling stake in Sonder

Resimac Asset Finance has expanded its acquisition stake in equipment finance business Sonder Equipment Finance...

asic ta 2

ASIC seeks ‘common-sense solutions’ to breach reporting

The Australian Securities & Investments Commission (ASIC) has committed to “improving” the operation of the...

andrew mills homestart ta htfetw

HomeStart drops graduate loan deposit to 2%

HomeStart Finance, a non-bank lender backed by the South Australian state government, has lowered the deposit hurdle...

Read the latest issue of The Adviser magazine!
The Adviser is the number one magazine for Australia's finance and mortgage brokers. The publications delivers news, analysis, business intelligence, sales and marketing strategies, research and key target reports to an audience of professional mortgage and finance brokers
Read more