Honey partners with home loan aggregator
Insurtech Honey Insurance has partnered with Specialist Finance Group (SFG), a family-owned finance aggregator.
Founded in 1991, SFG’s head office is in Perth and it has offices in Sydney, Melbourne, Singapore, Dubai, Hong Kong and London.
GM Blake Buchanan says SFG is thrilled to increase opportunities for mortgage brokers to help consumers.
“Insurance is a crucial part of a consumer’s journey when seeking finance solutions and this partnership brings efficiencies and products that we have not seen in this space before,” he said.
Honey says 70% of all home purchases in Australia are facilitated through a mortgage broker but many are delayed due to the certificate of insurance not being in place. Honey and SFG will integrate insurance within the broker’s mortgage procedure, embedding the process in SFGconnect technology to make the referral simple and results available within minutes.
By embedding the insurance application in the mortgage processing platform, Honey says customers have an easier, time-saving and competitive way to get proactive protection for their new home, and “one less thing to consider in the overwhelm of purchasing a home”.
VP of Partnerships Eoghan Trehy says Honey is excited to extend this to the SFG broker network, who in turn will be able to provide additional value to their customers.
“We’re providing a simple, streamlined process for brokers to ensure their clients’ loans settle without delay, something we know has been a pain point in the past,” he said. “The broker can offer the same price to their customers as they would get online.”
Honey previously raised $15.5 million and has established distribution partnerships with WA’s largest homebuilder BGC Housing Group and Bank of Queensland, as well as Honey investors McGrath real estate, AGL and Metricon.
Other Honey investors include the founders of Afterpay, Airtasker and Zip, former Corelogic CEO Graham Mirabito and former News Corp Australia and Foxtel CEO Peter Tonagh, who is now Honey Chairman. The Honey platform is also available on the app of its investor PEXA.
