Former HSBC Head of Mortgages backs the Philippines' first mortgage broker, Nook

MANILA, Philippines — June 23, 2020. Former HSBC Head of Mortgages, Steve Martinelli, has backed fintech Nook, the Philippines' first mortgage-broking firm. He joins other senior banking executives, along with Australian entrepreneur and Nook founder Chris Elder, as the group moves to serve the growing yet underserved home-loan markets of Southeast Asia.

As an emerging market, the Philippines has one of the highest GDP growth rates in the region and strong growth in residential real-estate lending — making it an ideal location for the firm to expand from. Nook has already tapped some of the biggest banks in the country for its lending panel as it moves fast to capture market share and change the way Filipinos apply for a home loan.

According to a 2019 survey by New Perspective Media Group, property assets remain the top investment choice for most Filipinos, who continue to favour property as an investment — particularly in Metro Manila and outer areas such as Cavite and Laguna.

A big win for Nook

Commenting on the board appointment, Nook founder and Chief Executive Officer Chris Elder said: "Having Steve join the firm is a big win for Nook. His distinguished career and seasoned experience will help to accelerate Nook's growth, as well as secure future investment capital."

A 25-year veteran of the mortgage-lending industry, Mr Martinelli was also a former executive at Aussie Home Loans, where he served as General Manager for Distribution and Operations. Aussie Home Loans is Australia's largest mortgage-broking firm, and Steve was part of the senior team during its fast-growth years. He was also a Foundation Director for General Motors' financial start-up GMAC-RFC and was COO and Head of New Zealand for Bluestone Asset Management.

Bringing Australia's lessons to the Philippines

Nook is streamlining the home-loan process in a country whose loan applications have traditionally been very manual — a throwback to an earlier era in markets like Australia.

"For board members like me, Nook is an opportunity to bring lessons learned during the growth years of mortgage broking in Australia, as it became established as the number-one way to apply for a home loan in the country," Mr Martinelli added. "It's like a 'do over' for us, which is a great boost to Nook as it looks set to replicate that history and establish mortgage broking in the Philippines."

Built for the way Filipinos live now

Demonstrating the market's need for alternative housing-loan services, Nook saw a large spike in new housing-loan applications and enquiries during the pandemic lockdown period. It offered one of the very few ways people could still move ahead with a housing loan in the Philippines during community quarantine — showing how technology can be genuinely transformative for consumers.

Using Nook, a potential borrower can find a suitable housing loan and receive assistance throughout the application process — all done virtually and for free. The banks pay Nook a commission once a loan is released, so the service costs the borrower nothing. While the firm is also building offline channels through corporate partnerships, the country's accelerating shift to digital has been a clear boost to the company.

For Nook, the backing of more experienced executives strengthens its future growth plans. The company says it has grown tremendously since launching at the start of the year — a testament to the convenience of the home-loan service it brings.

"We realised that there is a sizeable number of Filipinos who would pursue their dreams of buying a home if the process were quicker, easier and simpler. This is the problem that Nook solves," said Mr Martinelli.

About Nook

Nook is the Philippines' original and award-winning mortgage broker, founded in 2020. Nook compares 20+ partner banks for you, matches you to the lender most likely to approve you at the sharpest rate, and a dedicated loan consultant then runs your entire home-loan application end to end — preparing the bank forms, gathering documents and managing every follow-up — so you never deal with a bank directly. It's a full-service brokerage, not a self-serve platform, and it's 100% free: the banks pay Nook a commission once your loan is released, not you. Nook was Awarded Best Mortgage Broker Philippines by the Pan Finance Business Awards and holds a 5.0-star rating from 116 Google reviews. It is on a mission to help 1,000,000 Filipino families buy their own home.