Adviser launches digital home loan service

Tella, a New Zealand fintech, has launched a new digital mortgage application service.

Wednesday, July 6th 2022, 1:36PM

by Eric Frykberg

It is aimed to simplify house buying across a range of classes.

Often the process of getting a home loan is intimidating rather than exciting. And it can be frustratingly slow”, Tella co-founder and chief executive Andrew Chambers says.

“We’ve stripped away the jargon, the paperwork, and visits to the bank, to simplify and speed up the application process for first home buyers, home owners, and property investors.”

The system works as a web app and will allow Tella's own advisers to use the system as a link between their clients and banks or non-bank lenders.

“The system is dynamic,” Chambers said.

“As you are going through the process of answering the question, it is identifying your needs.

“We still have humans behind it, but it is kind of doing what the traditional adviser would do in terms of qualifying what questions should be asked and what shouldn't be asked.”

Chambers said this would empower people to make informed and confident financial decisions about their futures by developing strategies that were suited to them.

“Any fintech-driven business has innovation built into their DNA” said another Tella co founder, Stephane Mathieu.

“But we are using it in a way that transforms the entire experience.”

He said digitising the process did not remove the human factor – there were four advisers ready to help out if more information was needed.

Tella said some buyers in the past had spent two weeks filling out forms to get a home loan but this system could be completed and made ready for the banks in half an hour.

The company added the system would work well for banks and non bank lenders as well as would-be home owners.

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