Westpac invests extra $25 million in digital mortgage broker Uno

Westpac invests extra $25 million in digital mortgage broker Uno
Westpac invests extra $25 million in digital mortgage broker Uno

Westpac Banking Corp has doubled its $25 million investment on the digital mortgage broker Uno Home Loans.

It has invested another $25 million for the start-up's brand marketing and sales teams which is currently sending two-thirds of its loans to the non-major banks.

Westpac now owns around 81% of Uno, which seeks a 10% share of the broking market over the next 10 years.

Westpac's head of strategy, Gary Thursby, said Uno presents a different way to create opportunities.

Uno, which was established two years ago, is recruiting a new CEO as the Uno founder Vincent Turner moves to a new role of chief innovation officer, leading product development.

Uno does not disclose loan volumes or customer numbers,

Uno has 22 lenders on its panel, including the four majors. 

Westpac loans do not get favourable treatment on the platform, Thursby told Fairfax Media.

Tags: 
Westpac Mortgage Broker

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