An Australian company pioneering a new form of personal loan has won the backing of three of the biggest names in business. Picture: News Corp Australia. Source: News Limited
AN Australian company pioneering a new form of personal loan which offers rates at least four per cent better than the big banks has won the backing of three of the biggest names in business — Murdoch, Packer and Stokes.
They have made a combined investment of about $20 million in three-year-old "peer to peer" lender SocietyOne to speed up its plans to challenge the Four Pillars of Australia's banking system, which is the most profitable in the world.
James Packer said he is "excited about the potential of technology, led by the team at SocietyOne, to help reshape the financial services industry in Australia". Picture: Mark Stewart Source: News Corp Australia
SocietyOne uses a proprietary technology system that allows a group of high-net-worth investors — they have net assets of at least $2.5 million or annual earnings of at least $250,000 — to bid to lend to creditworthy would-be borrowers seeking between $5000 and $30,000. Rates are as low as 9.95 per cent, without security. That's 4.4 per cent better than the best offering from a major bank, according to comparison site Infochoice.
James Packer, speaking on behalf of the investing consortium, which is understood to have taken a 25 per cent stake, said: "I am excited about the potential of technology, led by the team at SocietyOne, to help reshape the financial services industry in Australia. We see enormous potential in delivering significant savings to borrowers."
Matt Symons is hoping SocietyOne attracts people looking for a better rate on their existing loan, those needing new funds and those wanting to consolidate their credit card debts. Picture: News Corp Australia. Source: News Corp Australia
SocietyOne's co-founder and CEO Matt Symons said it was hoping to attract people who were looking for a better rate on their existing personal loan or wanting to consolidate their credit card debts, as well as those needing new funds for a wedding, holiday or car.
Mr Symons said he wasn't aware of a cheaper personal loan on the Australian market.
"We are attacking the banks' enormous profits on lending to ordinary Australians," Mr Symons said.
One of the first to borrow through SocietyOne was Leah Renwick, who works in finance broking. She switch from NAB and cut her rate by 4.5 per cent.
Leah Renwick was one of the first customers to use SocietyOne. Picture: Tara Croser. Source: News Corp Australia
"I was rate-shopping and SocietyOne came up with a better rate than any of the banks could offer," Ms Renwick, of Brisbane, said. "This is going to revolutionise the way Australians look at banking."
While almost unheard-of here, peer-to-peer lending is big business in the US. The largest player there, Lending Club, is on its way to being worth $US4 billion ($4.7 billion).
The investment by Mr Packer's privately owned Consolidated Press, Kerry and son Ryan Stokes's private Australian Capital Equity and sharemarket-listed News Corp Australia, of which Rupert and Lachlan Murdoch are co-chairman, doubles the worth of SocietyOne to $80 million. Another key backer is Westpac, through its technology investment fund, Reinventure. It has a stake of at least 7.5 per cent. The company is chaired by former Macquarie Banker executive Murray Bleach.
News Corp Australia is the parent company of this masthead.
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