There’s another way of getting finance.
The lending market is changing radically and Aussie borrowers can reap the benefit as they look for alternative sources of funds.
Recent surveys conducted by ASIC have made it clear that the peer-to-peer (P2P) lending marketplace is continuing to grow in conjunction with the increasing demand.
P2P lending allows borrowers to source funding – not just from the banks but also individuals with cash to lend.
And the advent of fintech means that increasingly there will be platforms which match borrowers and lenders – bypassing the banks.
During the 2017-18 financial year, new P2P borrowing increased 45 per cent to $433m, and outstanding loans were up 59 per cent to $518m.
Respondents reported a total of 13,446 investors and 31,421 borrowers in the P2P space as of June 2018.
In 2017-18, a total of $352m was invested in the platforms surveyed.
Technology is cutting out the branch manager – some day we may be able to arrange our own home finance all from our desktop.
Need more information about Peer-to-Peer Lending? Contact the Chan & Naylor Finance Team here and we’ll be happy to help.
Also, have a look at our other accounting and advisory services that we do to help you achieve greater financial success.
Chan & Naylor Group have national offices in North Sydney, South West Sydney, Sydney, Pymble and Parramatta in New South Wales, Melbourne, Moonee Ponds and Hawthorn in Victoria, Brisbane and Capalaba in Queensland, and East Perth in Western Australia that can help you find the best mortgage rates. Contact us today.