At just 21 years old, Sydney entrepreneur Nick Melrose realised his dream of owning a home was slipping through his fingers.

Instead of giving up, he built a weapon to fight back – and it could help tens of thousands of Aussies do the same.

“I was drowning in advice and data designed to generate leads, not clarity, the now 24 year-old says.

“There wasn’t a single free tool that helped me truly understand my financial position or the property journey ahead.”

That frustration became the spark for ScaleApp – a free property budgeting and ownership simulator now backed by $1.5m in investor funding, including support from US real estate powerhouse REACH.

The tool is being hailed a game-changer for Gen Z and Millennial buyers, offering a way to road-test home ownership before making the biggest purchase of their lives.

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“I want to prove to people my age that property is achievable,” Mr Melrose says.

“Buying is just the beginning. With the right information and education, young Australians cannot only buy a home but hold onto it for the long haul.”

From deposit strategies to rentvesting, HECS debt and even raising a family, ScaleApp lets users simulate every financial twist and turn.

“One of the most powerful features is the ownership simulator,” he says.“

“It lets prospective first homeowners see what life might look like in five or 10 years with different savings habits, property types, equity positions, and lifestyle changes“

“It also provides real-time data analysis, such as at open homes, so prospective first home buyers can instantly assess whether a property is the right fit for them.”

The urgency is real.

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Finder’s First Home Buyer Report 2025 found 65 per cent of first-time buyers are, or expect to be, in mortgage stress, while 47 per cent overspent.

A further 33 per cent of survey respondents have less than 10,000 left in savings while 14 per cent had nothing left at all after purchasing a home.

“These numbers are heartbreaking, but they’re also sadly predictable,” Mr Melrose says.
“We’re asking young people to make the biggest financial decision of their lives without giving them the tools to plan for it properly.

“When nearly half of buyers overspend and a third are left with almost nothing, it’s clear the system isn’t designed to support them. So, I set out to build one that does.”

The post ‘I refused to give up’: 24yo builds free app to help young Aussies own a home appeared first on realestate.com.au.

Planet Financial Group LLC, the parent of national mortgage lender Planet Home Lending, on Tuesday reported strong growth across its servicing, origination and asset management channels in the second quarter of 2025.

The company — which also does business under the name Planet Loan Servicing and asset manager Planet Management Group — grew its total servicing volume to $134 billion during the second quarter, up 7% up from the first quarter and 22% higher than the same period last year. Planet’s servicing portfolio has expanded more than sixfold during the past five years, from $22 billion in Q2 2020.

“Planet’s results this quarter reflect the strength of our multichannel, all-weather strategy and our ability to deliver in today’s market,” said Michael Dubeck, CEO and president of Planet Financial Group. “We’re scaling our platform, deepening relationships across channels, and continuing to win market share through disciplined execution and unmatched service.”

In Q2 2025, Planet also completed a $125 million add-on to its prior $475 million debt security issuance. It reported an expansion of its owned mortgage servicing rights (MSRs) to $118.47 billion — a 7% increase from Q1 2025 and a 29% increase year over year.

“We have earned multiple servicing awards and ratings upgrades, proving that even at record portfolio levels, our high-touch, high-performance platform delivers the exceptional experience clients and borrowers expect,” said Sandra Jarish, president of Planet Home Lending’s servicing division.

A release from Planet said it acquired $5 billion in MSRs. Planet’s subservicing portfolio grew to $13.84 billion in Q2 2025, up 3% from the prior quarter.

“Investors choose Planet because we combine nimble execution with a commitment to protecting portfolio performance and minimizing risk,” Jarish said. “Our dedicated sub-servicing team and true non-compete model ensure our clients’ assets get the attention they deserve.”

Origination stats

Planet originated $6.54 billion in residential loans during Q2 2025, a 25% increase from Q1 2025 and a 64% increase year over year.

Correspondent production reached $5.8 billion, with July marking a company record for funding. Retail originations totaled $759.5 million, up 34% from Q1 2025 and 82% from Q2 2024. Retention retail volume climbed to $440.7 million in Q2 2025, a 31% increase achieved without adding staff.

“We’re holding a strong servicing book, so every time rates dip — even briefly — we’re capturing wins,” John Bosley, president of Planet Home Lending’s origination division, said in a statement.

Distributed retail volume hit $318.8 million in the second quarter, up 40% on a quarterly basis 70% on a yearly basis.

Planet attributed the growth to its recruiting successes across the first half of the year. This was led by Matt Payan, its senior vice president of national production; Candice McNaught, its SVP of retail growth and strategic marketing; and the higher adoption rate of proprietary products led by SVP and divisional sales manager Henry Brandt.

“Our step-by-step playbooks for proprietary and niche products like Buy Now. Sell Later., Manufactured Housing, and One-Time Close Construction give originators the tools to engage more real estate agents, builders, and borrowers — and close more loans,” Bosley added. “This quarter’s performance reflects the strength of Planet’s sales teams and market demand for its products.”

The banks had the biggest say on when this struggling homebuyer was going break out of the rent cycle.

When she first started thinking about buying a home six years ago, Caitie said it was her salary holding her back, not the ability to save a deposit.

But time changed everything for the digital product designer, who recently signed contracts to buy her first home, a unit in Ocean Grove in Geelong.

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“I’ve been keeping my eye on it since Covid but through that process I realised I wasn’t really in a financial position to buy, mainly because of my salary,” Caitie said.

“The banks wouldn’t loan me enough due to my salary.”

Caitie’s property journey restarted in June as she grew tired of renting.

“I really wanted to live somewhere I can make a home without have the rug pulled from beneath you at any moment as a renter and having a say over your living space,” she said.

“Every year they put the rent up the maximum amount they can, so we’re totally at the whim of the landlord.

“I really want to make a place my home and to make things beautiful and put my own creative touch on it.”

Caitie revealed her property journey as new data reveals Geelong first-home buyers are getting their foot on the property ladder with less money than they’d need for a cheap car.

New analysis shows the 20 per cent deposit preferred by most banks is now $104,000 for the region’s typical home.

But buyers willing to head to the cheapest spots around the city and use the federal government’s First Home Guarantee can secure properties with as little as $20,000 in upfront costs.

Caitie ultimately chose not to take a government first-home guarantee, wanting to buy her property on her own terms.

“I didn’t want to do that at all. I just wanted to have my own ownership as it was simple,” she said.

Caitie said she also wanted to buy sooner rather than later once the property market took off again and Ocean Grove ticked a lot of boxes.

“A bunch of friends are there and I also get to be near the beach to surf every day.”

Buying a unit will allow Caitie to avoid paying stamp duty, that’s to a state government incentive, while the Commonwealth Bank also offered a competitive loan that didn’t deduct her HECS debt, which would be paid off within five years, from her borrowing capacity.

That allowed her to borrow about $15,000 more than other banks would allow, she said.

A circa-1950s unit fit the bill in her search for a home.

“I really wanted character, something older, and something that was a quality build,” she said.

The post How banks delayed first-time buyer’s home dream appeared first on realestate.com.au.

A Michigan judge ruled on Friday that Rocket Mortgage’s noncompete provisions are void and unenforceable, dealing a blow to the lender in its long-running legal battle with Swift Home Loans, its founder Andi Numan and several former employees.

The decision, issued by Judge Brian R. Sullivan of the Third Judicial Circuit of Michigan, cites the state’s Antitrust Reform Act. Under the law, post-employment covenants to restrict competition are only enforceable if they reasonably protect a company’s competitive interests with respect to duration, geography and type of work.

“The Court concludes the non-compete provisions do not protect Rocket’s reasonable competitive business interests and, therefore, are void and unenforceable,” Sullivan wrote in his ruling.

A spokesperson for Rocket told HousingWire in a statement that the company “categorically” disagrees with the judge’s opinion and plans to appeal.

Numan said he’s pleased with the decision, noting that the noncompete provisions in this case are “not fair to the loan officers, because at the end of the day, they’re just trying to make a living for themselves and their families.”
“They should be allowed to make a living and not be handcuffed just because Rocket doesn’t want someone to be a broker,” Numan said in an interview. “There’s no confidential information being used or taken, nor any past client information, in this case.”

Rocket first sued in 2022, alleging its former employees violated noncompete clauses in their employment and award agreements when they joined Swift, a brokerage launched by Numan in late 2020. Swift initially partnered with Rocket Pro, Rocket’s wholesale channel, before signing with competitor United Wholesale Mortgage (UWM).

The rivalry escalated after UWM announced in March 2021 that it would no longer work with brokers also doing business with Rocket Mortgage. Rocket followed with a broader lawsuit in September 2022 that sought, in part, to bar former employees from competing.

Sullivan noted that the defendants did not dispute the validity of Rocket’s confidentiality and non-solicitation provisions — and that they said they complied with them. But after extensive discovery, Rocket did not allege any violations of these clauses, he added. The judge also found no evidence the former employees were positioned to unfairly compete.

“Unfair competition resulting from misappropriation of confidential information can be a protectable interest,” Sullivan wrote. “But an unfair advantage cannot be based on an employee’s use of general knowledge or skill which is learned or gained in working for any employer. Such action is not protectable.”

Rocket argued that its extensive training justified the restrictions in the Swift Home Loans lawsuit. It cited an affidavit from Julie Edwards, vice president of learning and development, who claimed the lender invests at least $42,500 per banker.

But Sullivan dismissed the affidavit, saying it lacked supporting detail and relied on undisclosed information rather than personal knowledge. He also noted that training consisted of “roughly one month” to help new hires pass the mandatory SAFE Act exam.

The judge further rejected claims that customer information had been misused. He described Rocket as “essentially a telemarketing operation,” with each banker making 6,500 to 8,000 calls annually, according to a former employee.

By contrast, Swift buys 120,000 to 150,000 leads each month and makes about 800,000 calls. Repeat business accounts for only 1% to 2% of its volume.

The spokesperson for Rocket mentioned other two cases — previously ruled on by judges Muriel Hughes and Annette Berry in the Michigan circuit court — which had the opposite opinions.

“They ruled that the company’s non-compete agreements with mortgage bankers were reasonable, not overly broad and were enforceable in Rocket Mortgage v. House of Lending and Rocket Mortgage v. F5,” the spokesperson stated.

“Also, Judge Hughes entered judgement and awarded damages in Rocket Mortgage’s case against Rightway Lending, enforcing Rocket Mortgage’s non-compete agreements. Given the precedents, and the current state of Michigan law, we expect to be vindicated in this case.”

Sullivan wrote that the House of Lending and F5 Mortgage cases differ because Rocket identified former employees who took potentially confidential information.
“Here, there is no evidence that the former employees did or could unfairly compete, even in the absence of the non-solicitation and confidentiality provisions,” Sullivan concluded. “But to the extent there is any possibility of such unfair competition, which Rocket has not demonstrated, the confidentiality and non-solicitation provisions fully protect Rocket.” 

 

The Hispanic Organization of Mortgage Experts (HOME) on Tuesday announced the launch of what it claims to be the mortgage industry’s first bilingual learning management system (LMS), HOME Certified, powered by Twiz.io.

The organization also introduced Wholesale Search, an AI-powered tool built on ChatGPT that takes mere seconds to match borrowers with lenders who offer the products they need.

HOME Certified, an on-demand tool, trains and certifies loan officers to serve Hispanic and Latino borrowers, a group that’s expected to drive 70% of U.S. homeownership growth in the next 20 years.

The program offers self-paced modules covering income and credit analysis, program selection, compensation rules, intercultural fluency and compliance. At the end, participants earn a HOME Certified badge.

“HOME Certified is a movement built for generational impact,” Rogelio Goertzen, founder and CEO of HOME, said in a statement. “After 13 years in lending, we kept hearing the same thing from banks, financial institutions, broker owners, and branch managers: they wanted Spanish-speaking loan officers but had no structured way to train them.

“So, we built a bilingual, tech-driven platform that turns intent into funded mortgages, generational wealth, and lender growth. By pairing AI speed with cultural fluency, we propel loan officers a decade ahead and give businesses a 20-year growth engine — no matter where the market goes.”

HOME’s press release pointed out that the LMS advances bilingual access. This comes not long after the U.S. Department of Housing and Urban Development (HUD) announced an “English-only” policy, which eliminates translated documents used by Hispanic borrowers.

Although most services will now be offered only in English, HUD is still obligated to meet certain legal standards and make exceptions when required. This includes under the nondiscrimination provisions of the Americans with Disabilities Act and the Violence Against Women Act.

Advocates warn the shift could disproportionately affect millions of Americans — particularly residents of Puerto Rico, a U.S. territory — by limiting access to critical housing resources.

Wholesale search scans more than 150 wholesale lenders and filters results by loan type, interest rate, closing speed, language support, and platform compatibility such as Encompass or ARIVE.

LOs paste a short prompt into the tool and receive a ranked list of lenders tailored to each borrower. HOME refreshes the link and database regularly, so only active members retain access. Automatic link and data updates remove inactive users and protect performance metrics.

“Education is the gateway to opportunity and the antidote to fear,” said Cubie Hernandez, HOME’s chief technology and learning officer. “Our team decided to lead by example, investing time and money to build a bilingual platform and a search tool that delivers practical, business-building lessons, shows loan officers how to grow and enables families to approach the mortgage process with confidence.

“We hope this move inspires our industry to take note of the power of blending education and technology — and to join us in expanding access for every family.”

HOME confirmed that both tools are now live and available to members at www.TuNuevoHome.com.