Mortgage Business
Former CBA exec launches brokerage
By Sarah Simpkins
05 August 2021
True Savings, a new online brokerage headed by former CBA executive Pete Steel, has entered the Australian mortgage market.
Mr Steel, former CBA chief digital officer, has taken the lead as chief executive and founder of the new platform, which offers ongoing automated assessments of users’ mortgages and remote broker advice.
After 16 years with the big four bank, he told Mortgage Business that he had a “big itch”, watching customers struggle with the complexity of home loans.
“The whole time, I could see that banks, they put people in homes, which is wonderful, but they don’t really focus on helping those customers save on their home loan year after year. That’s how they make money, by excess margin there,” Mr Steel said.