Fee Cash passes $8 billion in settled loans

Self-employed house mortgage specialist Fee Cash has reached a major milestone of $8 billion in loans written since its inception in 2019.

The corporate highlighted its speedy progress, with $4.5 billion of that sum achieved up to now two years alone.

Fee Cash, CEO, Ryan Gair (pictured above) stated he was thrilled to have reached the milestone in such a brief time period.

‘Now we have efficiently developed and executed on a plan to reshape the mortgage trade for the advantage of Australia’s 2 million-strong self-employed heroes,” stated Gair.

Gair attributed the corporate’s success to its give attention to disrupting the normal mortgage trade for the advantage of self-employed Australians.

Fee Cash removes charges like Lenders Mortgage Insurance coverage (LMI), threat charges, software charges, and valuation charges for greater than 8,000 prospects.

The corporate additionally claimed to be the primary to get rid of clawbacks with out threat charges, changing them with clear commissions for mortgage writers. Gair stated he noticed this as an indication of the corporate’s dedication to honest enterprise practices.

“They are saying imitation is the sincerest type of flattery and we’re proud to have influenced the remainder of the trade as they attempt to mimic the identical clawback reductions and take away the identical threat charges from their merchandise for Australia’s hard-working, uniquely bold small enterprise homeowners who massive financial institution lenders have traditionally uncared for,” Gair stated.

“We’re proud to be spearheading this transformation and stay devoted to serving our prospects whereas driving transformation.”

Know-how and product innovation key to Fee Cash’s success

Fee Cash additionally credit its funding in know-how for its success. A custom-built CRM and automatic workflow methods have reportedly decreased turnaround instances and error charges.

“Over the previous 18 months, we skilled a rise in month-to-month name volumes of greater than 200% to our contact centre from our rising buyer base and maintained a Grade of Service within the high-90s,” Gair stated.

This was achieved by introducing automation to help our skilled buyer help officers.”

Latest product improvements additionally contributed to the milestone.

In October 2023, Fee Cash launched a tax return product for self-employed prospects, simplifying the mortgage course of by requiring only one tax return as an alternative of the standard two years’ price.

Because of unique funding preparations with two companions, this product permits a sooner transition from low/alt-doc loans to full-doc loans.

Gair stated the corporate constructed its worth proposition round complete help, tailor-made options, and ongoing innovation, “guaranteeing each determination we make is in the perfect curiosity of our prospects, brokers, and franchisees”.

“Our dedication to navigating the complicated challenges of self-employment and proactively monitoring market tendencies has allowed us to supply distinctive worth to our prospects,” Gair stated

“We look ahead to persevering with our work of reworking the mortgage trade for the higher and serving to self-employed Australians succeed as we do.”

What do you concentrate on Fee Cash’s newest milestone? Remark under.