Overview

flagFounded: 2018

businessOwned by: ASX Listed

monetization_onFunded by: Blockchain securitisation

securityLMI Provider: Self-insured

account_balanceLender type: Non-bank leveraging the cost benefits of blockchain
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Note: Australian Mortgage Marketplace (AMM) is not on our lender’s panel. This is a review only.

Australian Mortgage Marketplace (AMM) is utilising blockchain technology to provide cheaper home loan solutions with faster approval and settlement times.

With automated assessment and and an advanced credit scoring algorithm, they’re competing with banks on unique lending policies.

AMM launched in 2018 and is backed by 140+ shareholders, most of whom are professionals in the mortgage and finance industry of Australia.

How do AMM’s home loans compare?

Pros

  • Personalized residential and investment loans
  • Refinance and debt consolidation with no LMI
  • Offset and unlimited redraw features available
  • Online and mobile account access with BPAY,Pay Anyone and Direct Credit
  • Customizable interest rates based on risks and needs
  • Fully online and fast approvals in around 15 minutes

Cons

  • Low doc home loans are not available
  • Guarantor loans not available
  • Maximum borrowing limit is 95% of the property value
  • They only accept low risk borrowers
  • Do not prefer extending loans to customers with complex situations
  • Blockchain technology can be a little difficult to understand

What is a blockchain mortgage?

Blockchain mortgage technology allows Australian Mortgage Marketplace to reduce the average 42 days it takes from submitting an application to reaching settlement to about 5 days.

Because there’s less people involved in processing the home loan, it also means it’s cheaper for AMM to settle applications and they pass these savings on to you with cheaper interest and almost $0 fees.

But how does it work?

Basically, blockchain technology is a list of records linked together and “encrypted” or secured so they’re only accessible to authorised parties.

Right now, the public records required to formalise approvals and settlements is held by separate entities and government bodies like your state’s land titles office.

Rather than physically having to make a request, the blockchain environment provides a “ledger” that allows information and transactions to move securely between these entities online.

The use of this distributed ledger technology (DLT) technology would allow your loan contract to be generated automatically, set up your home loan account and transfer and register ownership of the property.

Compare Australian Mortgage Marketplace to other lenders

Not sure which lender is right for you? Our Home Loan Experts can help!

Talk to one of our mortgage brokers by calling us on 1300 889 743 or complete our free assessment form.