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HashChing, a an online mortgage marketplace where customers can see and compare pre-negotiated home loan deals posted by brokers, has made an industry-first partnership, offering customers a home insurance discount.
The mortgage fintech has announced it will be partnering with leading insurance company, CGU Insurance, to provide customers with a 25 per cent cash back on their home insurance.
In the first partnership of its type in the industry, customers who settle a new mortgage through HashChing will receive a one-off 25 per cent rebate from HashChing off the premium for a 12-month CGU Insurance home policy (excluding GST and taxes).
“Saving money for our customers is at the heart of our business, and now that we’ve conquered the process of offering the best home loan deals on the market, securing a great deal on home insurance – which is mandatory for property purchases – is our next target,” said HashChing CEO Mandeep Sodhi.
“We’re always looking for ways to make the home loan process smoother and more efficient, and by offering a healthy discount from well-respected insurance provider CGU Insurance, we’re eliminating that last source of friction for home loan settlement on behalf of our customers,” said Mr Sodhi.
Once a customer’s new loan, or refinanced loan, has been approved they will automatically receive an email with a link to generate an online insurance quote based on their particulars.
Finalising and paying for the policy will take less than five minutes, and HashChing will rebate 25 per cent of the written premium for the first year to customers who settle within three months of the policy period.
HashChing predicts this type of partnership will become the norm as the mortgage marketplace becomes more competitive.
In real estate, insurance is a contract or policy that protects an individual or entity’s property from damages and losses, receiving reimbursement from an insurance company.
Mortgages are loans that are used to buy homes and other real estate where the property itself serves as collateral for the loan.
Mortgages are loans that are used to buy homes and other real estates where the property itself serves as collateral for the loan.