Pocketbook, a personal finance start-up, has inked a business deal with 1300HomeLoans that will allow it to help users with their home mortgages. This will pave the way for the development of the new Pocketbook app, which will detect users who have suboptimal mortgages and give them the option to book with a 1300HomeLoans mortgage specialist for a free health check-up.

The company said that this is a proactive approach to help Aussies save money, as research shows that users could save thousands of dollars a year through refinancing.

“Most Australians simply don’t know these important figures off the top of their head. They don’t know how competitive their loan is against the best in the market, and they don’t know whether or not their bank passes on the RBA rate cuts,” said Bosco Tan, co-founder of Pocketbook.

“This feature will put this information literally at our users’ fingertips. Then, with the help of 1300HomeLoan, we give our users a way to optimise right there in the app,” he added.

Likewise, 1300HomeLoan managing director John Kolenda believe that the new app can help a lot of users.

“Too many Australians are paying way too much and complacency is costing them thousands,” he said. “We want to help them review their current home loans to get a better deal.”

It is expected that small players like Pocketbook and MoneyBrilliant will dominate the local app charts as other bigger personal finance apps—like ANZ’s Money Manage app—are closing down.

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