Previously serving the group for six years as state manager for Victoria, Tasmania, South Australia and Western Australia, Mr Singh will now plan the company’s sales strategy and “evolving” existing distribution channels to grow Deposit Power’s market share.
Deposit Power works closely with the broker channel, providing brokers with access to an online platform to submit applications, pay and issue deposit bonds on demand.
Mr Singh has taken up the role and said he looked forward to building on its “great reputation” for service to partners and clients.
“I am excited to join our experienced leadership team. We continue to improve our digital capabilities, making it faster and easier for stakeholders to do business with us,” Mr Singh said.
He brings previous knowledge across the mortgage, finance and insurance industries, in particular, at the NAB, Westpac, AIG and Bankwest.
Delighted to make the announcement, chief executive officer Russell Harte said Niraj was “well placed” to assist the business to realise the company’s vision.
“Deposit Power is engaged in revitalising its product lines, refining its automated user-friendly system while expanding partnerships to grow our market share to be the leader in our industry,” Mr Harte said.
“Our relationship with our partners and brokers is critical to this and Niraj’s leadership will ensure we deliver the support and advice our clients require.”
Last year, the company recorded a 64 per cent increase in revenue (year-on-year), largely driven by broker-led transactions.
The company provides accredited brokers, lenders and conveyancers with an online platform to apply for and have digitally approved deposit guarantees of up to $200,000, without referral to a typical assessment process.
Deposit bonds are used in place of the cash deposit required by vendors before a contract of sale can be signed. Vendors accept bonds as they know that they will be paid the deposit if the purchaser cannot (or will not) pay the full purchase price at settlement.
For first home buyers, the company said, it provides an alternative to saving for a cash deposit by using a deposit bond when signing a contract to secure a home loan.
The deposit bonds act like a certificate that enables borrowers to delay the payment of the cash deposit until it is time to take ownership of the property (at settlement), then at settlement, borrowers pay the full purchase price.
[Related: Deposit Power announces new CEO]