Tuesday, 12 November 2019 11:38

Digital bank 86 400 takes step into home-loan market

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Digital bank 86 400 takes step into home-loan market Image by Peter H from Pixabay

Five months after it obtained a deposit-taking licence from the regulator APRA, the Australian digital bank 86 400 has started offering home loans with next to no paperwork, speeding up the time it takes from application to approval.

The bank claimed in a statement on Tuesday that it was the first to offer digital mortgages through brokers.

It offers both variable and fixed rate loans for buyers, refinancers, owner occupiers and investors.

The statement said some of the features that reduced the time taken to process an application were:

"Electronic statement capture – electronic capture of income and expenses that are pre-populated and automatically added to the loan application;

"Simplified identity verification on your mobile – to ensure the customer has been met in-person in a convenient, fast and frictionless way;

"Electronic signatures – online portal for customers to electronically sign loan documents which are sent within six business hours of approval; and

"Next to no paperwork – smart technology meaning applicants are only required to submit a contract of sale for purchases and no documents are needed for a refinance."

Melissa Christy, the Home Loan Lead at 86 400, said: “Our smart technology works on the brokers behalf, to make their life simpler every step of the way. We know mortgage brokers drive competition and choice for consumers, which is why we have focused on erasing their pain points so they can deliver the best value to customers. This is the first offering in recent years that offers real, tangible benefits to both brokers and homebuyers.”

Chief executive Robert Bell commented: “This is a huge moment for the whole team at 86 400, launching our home loans offering just a couple of months after we took our smartbank live to the public.

"We set out to create an entirely new, smarter approach to the home loans application and through technological innovation and collaboration with equally innovative partners we’ve done just that.”

The bank statement said it worked with the following companies to make the process fast:

Simpology – broker lodgement

MaxID – identity verification

Mogoplus – electronic capture of income and expenses and automatic mapping into credit decisioning rules

Loanworks – origination

Equifax – electronic ID and bureau

CoreLogic – valuations

FMS – issue of loan documents and management of settlement.

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Sam Varghese has been writing for iTWire since 2006, a year after the site came into existence. For nearly a decade thereafter, he wrote mostly about free and open source software, based on his own use of this genre of software. Since May 2016, he has been writing across many areas of technology. He has been a journalist for nearly 40 years in India (Indian Express and Deccan Herald), the UAE (Khaleej Times) and Australia (Daily Commercial News (now defunct) and The Age). His personal blog is titled Irregular Expression.

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