Online mortgage marketplace HashChing has announced a new partnership for digital conveyancing.
The Sydney fintech is now offering the services of electronic conveyancing marketplace Titlexchange, with the pilot limited to Victoria for now before a general rollout later.
HashChing chief information officer Atul Narang said that the legal paperwork can be a bottleneck in the traditional home purchase process.
“Borrowers are at the mercy of conveyancers, who can sometimes drag the process out unnecessarily and worse – charge more for their own delay,” he said.
The integration into the HashChing platform allows users to access fixed-price conveyancing through Titlexchange without having to go offline to provide ID and personal data.
“We connect users with a local conveyancer the same way we connect them with a local mortgage broker,” Narang said.
“Since the whole procedure is completed online, it minimises the manual processes and paperwork associated with property exchange.”
Conveyancing packages accessed through HashChing are 10% cheaper than the standalone Titlexchange prices, with off-the-plan purchases and family transfers charged at $490.50 plus disbursements, and buying and selling existing properties setting users back $738 plus disbursements.
The Titlexchange partnership follows HashChing’s deal with CGU Insurance in March to offer discounted home insurance.
HashChing, which started less than two years ago, provides a channel for potential borrowers to access home loan deals pre-negotiated by brokers. The fintech has so far processed more than $7 billion worth of loan applications from more than 14,000 applicants.