Loanworks was selected by the South Australian government backed home loan lender, HomeStart, as its preferred technology vendor.
HomeStart is an established home loan lender backed by the SA government for South Australians who can’t borrow from traditional banks. It has been operating for 35 years with a purpose to make home ownership a reality for more people in more ways.
Their strategy is to leverage highly-engaged employees to continuously improve the use of technology and improve operational quality to increase productivity and improve the customer experience.
Following a competitive tender process in 2023, Loanworks was chosen as HomeStart’s preferred technology vendor to provide origination software and lending workflow solutions, under a non-exclusive multi-year contract. We were engaged to design, build, configure, implement, and support a home loan origination solution for customer onboarding across online digital, direct, and third-party broker channels – which is now live, in the post-implementation phase.
Thanks to these technology upgrades, brokers are experiencing a smoother, more streamlined loan process that’s making a real impact. We’re excited that many South Australians will benefit from this collaboration well into the future.
The SaaS solution delivered by Loanworks improves customer experience, reduces time to decision, controls cost to originate, and ultimately, increases the level of profit by automating and digitising the entire lending workflow. Furthermore, the software solutions and SaaS services provided for HomeStart are APRA-compliant and certified under ISO standards and the SOC2 framework.
“Our ‘why’ is to free up time for our customers,” said Loanworks CEO, Satish Chand. “For lenders, we do this with software solutions, so they can focus on the things that matter, rather than the things that can be automated.”
Greg Phillips, GM Customer Engagement at Loanworks, is equally upbeat about their newly launched platform. “We’re excited to have commenced our partnership with HomeStart and look forward to working strategically with them to navigate the potential industry challenges ahead. A strong alignment of values and approach between Loanworks and HomeStart supports our respective focus on continuous improvement, automation, and creating a seamless customer experience.”
Loanworks also arranged external data verification services, integrated with internal HomeStart systems, managed customer documentation, automated credit decisions, and streamlined the lending workflow – from start to finish.
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South Australians struggling to purchase their home can now interact with HomeStart across all mediums – whether applying for a home loan online, working with their preferred broker, or seeking help from a HomeStart Home Loan Specialist. The end-result is a user-friendly, fully digital, home loan application process that facilitates timely communication and faster decision-making.
Since July 2019, when it was awarded a full banking licence by APRA, it has grown rapidly. With currently more than 225,000 accounts on its platform and $300 million in customer deposits, it is Australia’s only neobank to offer home loans and remains the only digital mortgage for brokers.
For Mortgage Choice Group, employing local admin support had proved too costly and time-consuming In fact, far from allowing them to focus on their core skills, it had merely created another level of admin for them, further constraining their ability to grow. It was a catch-22 and they came to Loanworks for a solution.
HomeStart taps Loanworks for home loan origination tech.
Loanworks was selected by the South Australian government backed home loan lender, HomeStart, as its preferred technology vendor.