In a media release, the two companies said the collaboration offers them mutual benefits given ApplyOnline’s extensive mortgage broker network and with Thinktank’s being 100% broker driven.
Thinktank is leveraging the capabilities of NextGen’s ApplyOnline platform for seamless electronic home loan application submissions from mortgage brokers. The collaboration also covers self-managed superannuation fund (SMSF) mortgage applications, to meet the growing demand from people using SMSFs for property investments.
Thinktank has also decided to mandate the use of NextGenID and Access Seeker to enhance application quality, reduce rework, and expedite approval timelines. The electronic lodgment of home loan applications will initially be accessible through select broker groups and will be made available to additional broker groups as white-label products from January.
Mike Ponsonby (pictured above left), head of lender partnerships at NextGen, said partnering with Thinktank underscores the fintech’s dedication to advancing the lending industry through innovative technology, and expressed the team’s delight in enabling Thinktank to deliver high-quality service to brokers and borrowers.
"With ApplyOnline, Thinktank, as a non-bank alternative lender, now has distribution opportunities that rival major lenders in the broker market,” Ponsby said.
“Mandating NextGenID and Access Seeker simplifies the application process, enabling brokers to save valuable time on administrative tasks, minimise rework, and expedite loan approvals. The partnership between Thinktank and NextGen is poised to enhance efficiency, productivity, cost-effectiveness, and customer service in the lending industry.”
Jonathan Street (pictured above right), CEO of Thinktank, said that given the alternative lender’s expanding footprint in residential lending, investing in NextGen was pivotal in supporting the non-bank’s distribution partners, by providing brokers access to the tools and services “they are familiar with, and depend on.”
“As a well-recognised commercial, SMSF, and more recently, residential lender, introducing NextGen is a central element of our next strategic phase to serve the wider spectrum of the broker market,” Street said. “Offering NextGen will enable us to engage and support a multitude of brokers in delivering lending solutions across residential, commercial, and SMSF sectors to their clients.”
Street also said that NextGen represents a transformative leap for Thinktank, particularly in expanding its relationships with brokers and broker groups.
“With NextGen going live across our distribution partner network, it will allow us to significantly broaden our reach while offering brokers a leading-edge transactional experience,” he said.
“Over the past couple of years, we have successfully settled well over $3 billion in new residential lending, and with the introduction of NextGen, we anticipate this figure will continue to rise as we present the NextGen solution to brokers as an integral part of our offering.”
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