Online mortgage marketplace HashChing has launched a conveyancing platform that provides customers with a “one-stop-shop solution” for legal assistance on home loan settlements.
“We know that around 20 per cent of settlements are delayed due to a conveyancer’s inefficiency, and we’re tackling this problem head on,” HashChing CEO Mandeep Sodhi said.
“We also know that many transactions are very complex and often end up requiring litigation, which is why partnering with experienced solicitors makes so much sense.”
Mr Sodhi pointed to an ME Bank survey of 1,000 borrowers, which reported that two-thirds of first home buyers (FHBs) did not know what conveyancing was, with nearly 40 per cent mistakenly believing it referred to checking property boundaries or other physical matters with the property.
“Our army of community-rated mortgage brokers already help Australian borrowers by dealing with banks and lenders on their behalf, and the online mortgage marketplace is now looking to streamline the legal part of the process as well,” he said.
According to HashChing, the conveyancing service would enable borrowers to connect with certified solicitors “within minutes” after their home loan application is lodged by a mortgage broker.
“Getting all the legal documents organised has traditionally been one of the most time-consuming and inefficient parts of buying a property,” Mr Sodhi continued.
“Borrowers are at the mercy of conveyancers, who can sometimes drag the process out unnecessarily and worse – charge more for their own delay.”
The HashChing CEO claimed that borrowers looking to purchase a property without an experienced solicitor were “potentially gambling with hundreds of thousands of dollars”.
“By integrating a conveyancing solution into the HashChing online portal, customers won’t have to worry about finding a solicitor anymore,” he said.
“Since our prices are fixed starting from $995 including GST plus disbursements, there are no nasty surprises or hidden fees for borrowers either.”
Mr Sodhi added: “Since the whole procedure is completed online, it minimises the manual processes and paperwork associated with property exchange.
“We connect users with a solicitor the same way we connect them with a local mortgage broker.
“With this new digital offering, consumers are in complete control of the process, and they’re able to keep a tight lid on costs, thanks to the reasonable, fixed-fee pricing structure.”
HashChing added that customers can log in to the online dashboard at any stage to check progress of their application with the solicitor, with the HashChing partner broker also kept updated on the progress through their own portal.
Mr Sodhi said HashChing connected customers with a network of solicitors and not conveyancers, which was an important difference.
According to Mr Sodhi, the mortgage marketplace has also negotiated lower conveyancing rates for borrowers.
“Because of the volume of transactions, we’ve been able to negotiate rates with our solicitors far cheaper than standard conveyancing costs, which is a win-win solution for our customers,” he concluded.
[Related: CoreLogic updates Property Hub platform]