Home loan startup HashChing has just signed a landmark deal with CGU Insurance

HashChing’s Mandeep Sodhi. (Source: supplied)

Loan marketplace app HashChing has announced a new partnership with CGU Insurance.

The startup has revealed that all customers that settle a new or refinanced mortgage through its platform will now receive 25% off their home insurance premium from HashChing if they buy a policy with CGU.

HashChing founder and chief executive Mandeep Sodhi said that his company specifically wanted to secure “a great deal” on home insurance for its clients, since it is a compulsory part of the property purchase process.

“We’re eliminating that last source of friction for home loan settlement on behalf of our customers,” he said.

The rebate only applies once for a new 12-month CGU Insurance policy and settlement must occur within three months of the insurance purchase. HashChing customers will receive an email with a link to buy a CGU policy after their loan is approved, according to the startup.

HashChing is an online mortgage marketplace that shows and compares deals posted by mortgage brokers, rather than the lending institutions themselves. The current pool represents more than 60 lenders, including the big four banks.

The company scored $1 million in funding from Sapien Ventures last April and in October was named in the “emerging stars” list in the annual Fintech 100. Sodhi is ranked number 68 in the Business Insider Tech 100.