How Finspo is digitising the mortgage broking experience

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on February 14, 2022 Fact Checked
How Finspo is digitising the mortgage broking experience

The only mortgage broker in Australia with an app designed to help you save money, Finspo is helping you tackle your mortgage head on.

Mortgages are a hot topic right now. With property prices still going up, an RBA cash rate hike potentially incoming, and housing affordability issues being flagged all over the place; it’s no wonder that the word ‘mortgage’ now sends a shiver down my spine.

Banks and lenders are already starting to raise their fixed interest rate mortgages, even before the cash rate moves, meaning the hunt for a good mortgage could already be harder to come by.

Digital mortgage broker Finspo was founded because “home loans are just plain hard for so many Australians”. Not only are they hard to get, but hard to get rid of. The standard home loan term is 30 years. Say you get your first home loan at 30 years old, that means you’d be 60 by the time you paid it off. If you’re someone with commitment issues, that fact may be a hard pill to swallow.

Angus Gilfillan, CEO and co-founder of Finspo, answered a few questions from Savings.com.au about why Finspo was founded, why you should give it a go, and how using Finspo can save you money.


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Buying a home or looking to refinance? The table below features home loans with some of the lowest interest rates on the market for owner occupiers.

Lender

Variable
More details
UNLIMITED REDRAWSSPECIAL OFFER
  • Fast turnaround times, can meet 30-day settlement
  • For purchase and refinance, min 20% deposit
  • No ongoing or monthly fees, add offset for 0.10%
UNLIMITED REDRAWSSPECIAL OFFER

Smart Booster Home Loan Discounted Variable - 2yr (LVR < 80%)

  • Fast turnaround times, can meet 30-day settlement
  • For purchase and refinance, min 20% deposit
  • No ongoing or monthly fees, add offset for 0.10%
Variable
More details
AN EASY DIGITAL APPLICATION
  • No ongoing fees - None!
  • Unlimited additional repayments
  • Easy online application, find out if you're approved quick!
  • Redraw- Access your additional payments if you need them
  • Use the app to get loan insights to help you pay off your home loan faster
AN EASY DIGITAL APPLICATION

Neat Variable Home Loan (Principal and Interest) (LVR < 60%)

  • No ongoing fees - None!
  • Unlimited additional repayments
  • Easy online application, find out if you're approved quick!
  • Redraw- Access your additional payments if you need them
  • Use the app to get loan insights to help you pay off your home loan faster
Variable
More details
100% FULL OFFSET ACCOUNTNO APPLICATION FEE OR ONGOING FEES
  • No upfront or ongoing fees
  • 100% full offset account
  • Extra repayments + redraw services
100% FULL OFFSET ACCOUNTNO APPLICATION FEE OR ONGOING FEES

Low Rate Home Loan - Prime (Principal and Interest) (Owner Occupied) (LVR < 60%)

  • No upfront or ongoing fees
  • 100% full offset account
  • Extra repayments + redraw services
Variable
More details
NSW/VIC/SA METRO & INNER REGIONAL AREAS$5000 CASHBACK. T&Cs APPLY.
  • No upfront or ongoing fees
  • 100% full offset account
  • Extra repayments + redraw services
NSW/VIC/SA METRO & INNER REGIONAL AREAS$5000 CASHBACK. T&Cs APPLY.

Variable Home Loan (Principal and Interest)

  • No upfront or ongoing fees
  • 100% full offset account
  • Extra repayments + redraw services

Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to be made on variables as selected and input by the user. All products will list the LVR with the product and rate which are clearly published on the Product Provider’s web site. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. *The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of May 26, 2022. View disclaimer.


Founded to help even the playing field

Finspo was founded by Angus Gilfillan, Bill Armour, and Josh Brougham - all three having decades of experience working for the big four banks - to make the “confusing, time-consuming, and crazy expensive” process of getting a home loan easier, faster, and cheaper.

“[We] know the ins and outs of the home loan world and wanted to even the playing field for everyday Aussies by not only helping them get a loan, but to also help them save where they can,” Mr Gilfillan told Savings.com.au.

Finspo is free, digital, and easy to use

Through Finspo’s quick-start application, you can see your estimated borrowing power in minutes, and then book a same-day call with a home loan expert.

“Our friendly experts will then help you get a great home loan, from the 30+ lenders on our panel,” Mr Gilfillan said.

“Think video calls and digital documents - none of the clunky bits.”

Finspo is also the only mortgage broker in Australia with an app designed to help customers save money on their banking once they connect their accounts.

“You don’t even need to have secured your loan through Finspo to use the app,” Mr Gilfillan said.

You could snag a better interest rate

Finspo’s personalised insights and alerts help ‘many’ people save money once they’ve connected all their accounts to the app.

“To give you an example, the average Australian with a $500,000 home loan could potentially save $50,000-plus over the life of their loan, just by making small changes to their banking,” Mr Gilfillan said.

“This also means they could be paying their loan off two or more years earlier, when they maintain their repayment.”

The app lets you know when a better rate is available for your loans, how your money could work harder for you, and/or where you can save on fees.

“Finspo’s team of experts are then on hand to help customers secure a great loan conveniently at home or on the go, from one of the 30-plus lenders on our panel,” Mr Gilfillan said.

“We also don’t charge customers for our broking service.”

Case study: Client saves up to $129,961 on their loan

Finspo revealed details about a recent client who had an existing owner-occupier loan of $320,000 with 19 years left.

“By refinancing, they went from a sub-par rate - 5.17% per annum - to a great low rate - 2.23% per annum - and are now able to save $478 a month,” Mr Gilfillan said.

“This means their savings over the life of their loan could be a whopping $129,961.

“Plus, they could pay it off nearly five years faster if they maintain their repayments. Not bad hey.”

This is assuming the customer makes the minimum repayments, and after refinancing, maintains their repayment value and frequency at the level it was prior to applying a reduced interest rate.

Why should you use Finspo?

Finspo comes with zero upfront costs, is easy to use, and is online with an app. There are no requirements you have to meet to have a discussion, no obligations, and “there are no silly questions you can throw at a Finspo home loan expert”.

“Whether you’re looking to buy, refinance, upgrade or simply save smarter - Finspo is on hand to make it easier,” Mr Gilfillan said.

“Plus, the Finspo app can help you to pay off your home loan faster.

“What other mortgage broker will send you personalised alerts when your interest rate changes? Or when you could move money into your linked offset account to reduce your mortgage interest?”

You can use Finspo’s free refinancing calculator to see how much you could save on your home loan. Check out their website for more information.


Disclaimers

The entire market was not considered in selecting the above products. Rather, a cut-down portion of the market has been considered. Some providers' products may not be available in all states. To be considered, the product and rate must be clearly published on the product provider's web site. Savings.com.au, yourmortgage.com.au, yourinvestmentpropertymag.com.au, and Performance Drive are part of the Savings Media group. In the interests of full disclosure, the Savings Media Group are associated with the Firstmac Group. To read about how Savings Media Group manages potential conflicts of interest, along with how we get paid, please visit the web site links at the bottom of this page.

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Rachel is a Finance Journalist, and joined Savings in 2021. Coming from a background in the FinTech space, her interests include the innovation of lending technology, property, investing, and more. With a passion for educating and informing people about their finances, she hopes to increase the financial literacy of everyday Australians.

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