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Under the agreement, LFG advisers will be able to use LoanOptions.ai’s white label technology, HAILO, a digital system designed to streamline borrower onboarding and reduce the administrative workload for brokers.
The platform allows borrowers to complete a digital home loan application in minutes by uploading identification, linking bank accounts, and submitting payslips. Using the company’s proprietary auto-complete contextual engine (ACE), the system analyses and verifies the information before automatically generating key elements of a broker’s fact find and supporting documentation.
LoanOptions.ai said the technology can pre-fill up to 80 per cent of a home loan application, compiling borrower identification, bank statements, credit reports, income summaries, and compliance documents into a packaged file ready for broker review.
The platform can also generate property data reports and valuations through integration with property platform Valocity, while enabling brokers to track applications and request additional documents through a dedicated portal.
Having been launched in February last year, the rollout marks the first aggregator partnership for HAILO in the New Zealand market and represents part of the company’s broader push to bring its broker technology to international markets.
“We built this in line with our vision to make applying for a loan as fast, easy, and transparent as checking out in an online store,” Julian Fayad, founder and CEO at LoanOptions.ai, said.
“Many problems have long plagued the mortgage industry including lack of transparency, snail-pace paperwork, and endless manual entering of the same data by brokers, to name a few. Some brokers we have spoken to are still sending fillable PDF fact finds to borrowers. We have yet to speak to a single borrower who was happy with the onboarding part of the process.
“For the borrower, HAILO is hands down the fastest and most accurate way to apply for a home loan. For mortgage brokers, who we know write over 76 per cent of home loans in Australia, HAILO is changing the game with lightning-fast, state-of-the-art, ISO27001-certified solutions to help them service more borrowers and take their business to the next level instead of being bogged down with admin.”
Kip Hanna, CEO of NZHL Group, which LFG is part of, said the partnership reflects the aggregator’s strategy to provide advisers with tools that improve efficiency in a rapidly evolving financial landscape.
“At LFG, we’re committed to equipping advisers with effective solutions and strong support so their businesses can succeed in New Zealand’s fast-changing financial landscape,” Hanna said.
“Investing in smart, powerful technology is essential to helping advisers stay ahead and deliver great outcomes for their clients.”
Fayad said that the partnership demonstrates how broker technology developed in Australia is beginning to gain traction internationally.
“It’s a pleasure working with the team at Link Financial Group, who we see as one of the most forward-thinking aggregators investing in their brokers’ access to important technology,” Fayad said.
He added that tools designed to automate data collection and documentation can help reduce friction in the home loan process.
“Our goal is to eliminate the drudgery, opacity and inefficiency from the loan process by giving advisers AI systems that handle the heavy lifting,” Fayad said.
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