Acacia Money, an Australian financial technology platform that helps people save money and build wealth while having a positive impact on the planet, has today announced a first-in-market solution that automatically assesses a user's mortgage arrangements based on financial and environmental factors and makes it easy to switch to better alternatives.
Acacia’s current platform enables a comprehensive financial view and uses smart algorithms to automatically identify better performing savings, super and energy options based on both financial and environmental factors. Acacia has now partnered with UNO Home Loans to provide a market first solution for mortgages.
In less than 2 minutes, Acacia app users can see how their mortgage stacks up environmentally and financially against alternative loan options and see the estimated monthly savings based on their current loan. Users can engage their bank to get a better rate or book a meeting with a UNO broker who can help them switch to a lender who is better for them and better for the planet.
With interest rates and global temperatures on the rise, there’s never been a better time for Australians to reassess their finances and ensure that they are doing the right thing with their money.
Developed by a team of experienced financial industry experts, Acacia’s platform is the first of its kind to use open banking, environmental research and data analytics to optimise a customer’s finances from both a financial and an environmental viewpoint.
Users can link their banking, super or investments accounts and Acacia’s smart algorithms then keep them up to date on the financial and environmental competitiveness of their financial arrangements.
Within the app, financial institutions and products are provided an Acacia Climate Score that provides an easy to understand climate rating developed in collaboration with institutional research partners. The system factors in each lender’s climate policies and governance, their lending to the fossil fuel industry and lending that contributes to a lower carbon economy.
After 25 years developing financial platforms including leading the design and development of BT Panorama, Westpac’s flagship wealth management platform, Anil Sagaram, Acacia’s Founder & CEO, has a unique lens on the Australian financial services sector.
“Australians are increasingly aware that the financial industry has a significant impact on our environment through its lending and investment practices,” said Anil. “It’s great to see regulation and competition driving increased transparency and there are now providers out there with strong offers from both a financial and environmental perspective.
Our aim is to make it incredibly easy to take action and connect with these providers, enabling smarter financial decisions that align with your values, all from the palm of your hands. That’s a win-win.”
“For someone with an average mortgage of $595,568, we are talking about a potential savings of up to $387 a month, or $139k over the term of the loan, by moving to a greener bank.”
Acacia’s app is available for download now for iOS and Android and the lending feature is available now.