Fintech Acacia has launched a new feature for app users to review their financial portfolio and change a user’s mortgage arrangements to a more profitable, efficient and sustainable plan.
In less than two minutes, app users can see how their mortgage compares environmentally and financially against alternative loan options and see the estimated monthly savings based on their current loan.
Users can meet with a UNO Home Loans broker who can help them switch to a lender who is better suited for them, and the planet.
Founder of UNO Home Loans Vincent Turner (pictured) said brokers who were a little more progressive and digital focused enjoyed working with the technology-based brokerage.
“As an organisation, motivation for us is we are innovative, we lean on the carbon and climate perspective and we are seeing more customers and brokers favouring this,” Turner said.
“We want our brokers to have more meaningful conversations with clients around the environment and their footprint.”
UNO Home Loans is a brokerage and a tech company. Turner said it was opening up to more lenders and bridging the gap between its customers and Acacia app users.
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Turner said brokers could benefit from the UNO Home Loans and Acacia partnership in two ways.
“Firstly, as a broker you never want to be in a position where a customer asks you a question and you do not know how to answer it or find out the answer. With more customers considering their options from a climate perspective, it’s important to ensure our brokers aren’t so flat-footed and can answer these types of questions,” he said.
“Secondly, brokers are always looking for different ways to differentiate themselves, so if the environment is an important factor for the client, we can help the client choose a lender that is aligned to their values.”
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Acacia’s platform was developed by a team of experienced financial industry experts. The company says it’s the first of its kind to use open banking, environmental research and data analytics to optimise a customer’s finances from a financial and environmental viewpoint.
Within the app, financial institutions and products are provided by Acacia Climate Score that provides an easy-to-understand climate rating developed with institutional research partners.
Acacia founder and CEO Anil Sagaram said Australians were increasingly aware the financial industry had a significant impact on the environment through its lending and investment practices.
“It’s great to see regulation and competition driving increased transparency and there are now providers out there with strong offers from both a financial and environmental perspective,” Sagaram said.
“Our aim is to make it incredibly easy to act and connect with these providers, enabling smarter financial decisions that align with your values, all from the palm of your hands.
“For someone with an average mortgage of $595,568, we are talking about a potential savings of up to $387 a month, or $139,000 over the term of the loan by moving to a greener bank.”
