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:
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"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.
