One Click Mortgages Live in QLD
Announcement posted by One Click Life 05 Apr 2023
Key Highlights:
- One Click Mortgages is now live in Queensland
- This follows the successful launch of the product in Western Australia last month and will continue to be rolled out on a state-by-state basis
- Positive engagement already seen from the One Click Life existing user base in QLD and WA from early marketing efforts
- One Click Mortgage product provides a digital experience for financing or refinancing property
- The Mortgages product presents an excellent new revenue vertical for the Company that can be monetised through its existing circa 65,000 user base as well as attracting new users to the platform.
Fast growing life admin technology platform One Click Group Limited (ASX:1CG) (“Company”) is pleased to announce that One Click Mortgages is now live in Queensland and has commenced marketing efforts in that state to its existing user base.
One Click Mortgages operates as a mortgage broker through the One Click Life Platform. The Company is paid an upfront fee of approximately 0.60% of the amount being financed, and a trail commission of approximately 0.15%. The exact amount depends on the financial institution providing the finance and represents a potentially significant new source of revenue for the Company.
There has been engagement with the product on the One Click Life Platform after early marketing efforts to a small subsection of the user base in WA. The marketing efforts have since been widened to the rest of the One Click Life user base in WA and QLD with positive engagement in both states.
As at 31 December 2022, One Click Life had over 65,000 registered users on its platform. Its registered user base grew over 60% during 2022. The significant growth in user numbers demonstrates a growing demand for digital financial services in Australia. The average age of a One Click Life customer is 31, which provides a significant opportunity to provide multiple lending solutions that are in demand in that age demographic. The Company intends to initially market the One Click Mortgages product to its existing user base, providing a low cost of marketing for this new product.
Managing Director Mark Waller commented;
“We’re continuing with our state-by-state rollout of the One Click Mortgages product. The initial engagement with the product has been pleasing during the rollout phase. There is a large opportunity to assist our customer base with paying down their mortgage sooner or relieving mortgage stress in this period of unprecedented interest rate rises.
The One Click Mortgages product will provide customers a digital experience allowing our customers to engage with the product on the device they choose, at the time they choose and where they want.
Our focus is on continuing to grow user numbers on the One Click Life platform whilst we expand the platform’s competencies, increasing revenue opportunities within our user base.”
For further information please contact:
One Click Group Limited
T: + 61 8 9389 3160
E: mark@oneclicklife.com.au
About One Click Group
One Click Life is a fast-growing Australian based financial technology platform positioned to disrupt and capitalise on the increasing market demand for online self-directed financial and life admin services.
The platform’s primary competency and revenue stream at the moment is online tax. The One Click Life platform now contains a lending competency and a number of other products for users, with online wills and private health insurance already available with more new products to come in the future. The One Click Life platform aims to be the one stop shop for everyday Australians who want to manage their financial life admin across, tax, wills, insurance, mortgages, investing and more.
One Click Verify is a digital identity verification platform allowing businesses to digitally identity their customers as part of an onboarding or transaction process.