FindBroker's founder talks standing out

FindBroker founder Peter Liu explains how the mortgage comparison and search platform is helping brokers rather than being a disruptive threat.

MPA hears from FindBroker founder Peter Liu on how the mortgage comparison and search platform is helping brokers rather than being a disruptive threat.

What is FindBroker about in a nutshell?
I spent more than five years working as a mortgage broker and saw there was a key problem in the brokerage industry - it’s very difficult for brokers to connect to borrowers and vice versa. FindBroker's central function is to act as a bridge between borrowers with brokers. It’s an online platform that enables borrowers to search for brokers using a series of attributes such as the broker’s spoken language, location and specialties.

Picking a loan product is complicated. There are intensive loan application and settlement processes and every person has unique needs. We believe mortgage brokers provide an essential service in that they can advocate on behalf of their clients to ensure they get the best deal possible while also taking into consideration the specifics of each customer’s situation. We facilitate this important relationship

How is FindBroker helping brokers rather than being a disruptive threat?
FindBroker is a mutually beneficial platform that empowers consumers and brokers. The platform offers a high-quality marketing solution for mortgage brokers. Brokers can create a profile on FindBroker very simply and then tap into a huge pool of customers they wouldn’t usually have access to. The idea is to to group all brokers into a single directory to make them as accessible to consumers as possible. 

We believe face-to-face mortgage advice cannot be replaced by 100% automated solutions. FindBroker is a community - we believe that mortgage brokers are stronger together. They also have access to an internal forum which enables them to share information about credit policy and knowledge amongst broker peers.

How does FindBroker stand out from other fintechs?
Our business strategy is different from other players in the market. We promote thousands of mortgage brokers on one website, enabling consumers to compare and choose a mortgage service according to their individual requirements. We can help connect consumers with brokers who speak their first language so migrants aren’t locked out of the property market simply due to a language barrier. There are many other types of customers with unique needs who struggling to find the right lenders for them, such as self-employed people. We do not only provide the interest rate, we provide a solution for every consumer, in one place.

What are its plans to disrupt the settlement process for loans?
What we aim to do is to make the whole application process from start to settlement smoother for consumers. FindBroker offers a platform that connects borrowers and brokers directly so they don’t have to ask friends for broker referral. It then enables them to select the broker that best suits them and get in touch with them simply and quickly (online search, match criteria, direct enquiry function)

We have also built notification functions, enabling the brokers to notify borrowers as to what stage of the application process they are at as it progresses. Borrowers can review their application status online anytime, anywhere.

When did it launch and what has broker response been like so far?
The website was soft-launched in May 2016 and quickly gained traction. There are now more than 2000 brokers (15% of the Australian broker community) signed up to the platform and growing customer uptake. 

FindBroker is a getting a particulalry strong take-up from traditional mortgage brokers who are unlikely to have the technical expertise to make the investment required to build their own digital marketing systems.

We are continually improving the website to ensure we are delivering the best user experience possible in terms of interest rate information, search functionality and matching brokers to borrowers.