NextGen’s ApplyOnline platform powers Thinktank’s vision for future expansion in Australia’s mortgage broker network

Thinktank is now live with NextGen’s cutting-edge ApplyOnline^® platform to help lay a pathway to future growth through Australia’s mortgage broker network. With ApplyOnline having the most significant reach through Australia’s broker community, and with 100 percent of Thinktank’s business being broker-driven, the collaboration is a win-win for both parties.

Effective from October 23, 2023, Thinktank is harnessing the capabilities of NextGen’s ApplyOnline platform for the seamless electronic submission of home loan applications from mortgage brokers. This collaboration extends its scope to self-managed superannuation fund (SMSF) mortgage applications, catering to the ever-expanding number of individuals using SMSFs for property investments.

Thinktank has also chosen to make the use of NextGenID^® and Access Seeker mandatory, ensuring superior application quality, reduced rework, and expedited approval timelines. The electronic lodgement of home loan applications will initially be available through select broker groups, with plans to expand to additional broker groups as white-label products from January 2024.

NextGen is Australia’s premier technology solution provider for the lending industry. Thinktank is a specialist in the self-employed sector offering a broad range of property secured commercial, residential and SMSF finance solutions. The strategic partnership affords Thinktank a compelling opportunity to extend its presence in the third-party mortgage market. Moreover, it equips Thinktank with the means to optimise its operations and offer mortgage brokers a frictionless electronic lodgement solution for home loans.

Thinktank, established in 2006, has earned a well-deserved reputation as a trusted player in the commercial and more recently, residential property finance sector. Over the years, it has diversified its product portfolio to include SMSF loans and residential mortgages, facilitating over $9.0 billion in financing solutions. Thinktank’s long-held commitment to fairness, transparency, and professionalism has solidified its relationships with brokers, borrowers, investors, and institutions.

Mike Ponsonby, Head of Lender Partnerships at NextGen, expressed, “Our collaboration with Thinktank underscores our unwavering dedication to advancing the lending industry through innovative technological solutions. We are delighted to empower Thinktank in delivering high-quality service to brokers and borrowers alike.”

“With ApplyOnline, Thinktank, as a non-bank alternative lender, now has distribution opportunities that rival major lenders in the broker market. 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,” he added.

Jonathan Street, CEO of Thinktank, stated, “With 100 percent of our business sourced through brokers, we recognise that NextGen is the preferred electronic lodgement platform for many. Given our rapidly expanding footprint in residential lending, this represents a pivotal investment in supporting our key 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. 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.”

Mr. Street also emphasised that NextGen signifies a transformative leap for Thinktank, especially in expanding 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. 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.”