A digital mortgage start-up in which Westpac holds a major stake is hoping to shake up the home loans market.
Vincent Turner, founder and chief executive of uno Home Loans, says its software can find consumers a more attractive mortgage deal than a traditional broker.
"There's a real opportunity to do something better for consumers ... basically digitising mortgages in the third party space," Mr Turner told AAP.
He started uno in January 2016 thanks to some early capital from Westpac and launched its offering to the public in May.
There are more than 25 lenders on uno's mortgage platform and it has booked "tens of millions" of dollars a month in mortgage applications, Mr Turner said, though he declined to say how many mortgages the group has settled.
Westpac has no influence on the products uno sells, he said.
Westpac has invested $16.5 million for its undisclosed cornerstone stake in uno, which has about 35 employees, evenly split between engineers, product managers, digital marketing and broking staff.
"uno's success has been impressive and we're seeing its potential to become a serious player in the home loan market," Westpac chief strategy officer Gary Thursby said.
Uno on Friday launched a so-called 'Better Home Loan Deal Challenge' backed by a pay-the-difference assurance.
If a customer can find a good deal, uno will work to match or better that offer and if the customer settles the loan through uno, they'll receive payment for the difference for a year.
"We believe this is a game changer for the home loan market. No other player is prepared to stand behind the deals they propose to consumers with pay-the-difference assurance," Mr Turner said.
Prior to uno, Mr Turner founded Pisces Communication, which built mortgage software for the financial industry.
Mr Turner also holds an undisclosed stake in uno, along with staff.
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