The digital bank 86 400 enters the mortgage market
Five months after obtaining a deposit license from regulator APRA, Australian digital bank 86,400 began offering home loans with almost no paperwork, speeding up the time from application to approval.
The bank said in a statement on Tuesday that it was the first to offer digital mortgages through brokers.
It offers variable and fixed rate loans for buyers, refinancers, homeowners and investors.
The release stated that some of the features that reduced the time it takes to process a request were:
“Electronic Statement Entry – electronic entry of income and expenses that are pre-populated and automatically added to the loan application;
“Simplified identity verification on your mobile – to ensure that the customer has been met in person in a convenient, fast and frictionless way;
“E-Signatures – online portal for clients to electronically sign loan documents that are sent within six business hours of approval; and
“Almost no paperwork – smart technology that means applicants are only required to submit a sales contract for purchases and no documents are needed for refinancing.”
Melissa Christy, Head of Home Loans at 86400, said, “Our smart technology works on behalf of brokers, making life easier for them every step of the way. We know mortgage brokers drive competition and choice for consumers, so we’ve focused on erasing their pain points so they can deliver the best value to clients. This is the first offering in recent years that provides real, tangible benefits to brokers and homebuyers. »
Managing Director, Robert Bell, said: “This is a great moment for the entire team at 86,400, launching our home loan offering just months after taking our smartbank live to the public.
“We set out to create an entirely new and smarter approach to applying for a home loan and through technological innovation and working with equally innovative partners, we did just that.”
The bank statement indicates that he worked with the following companies to expedite the process:
Simpology – broker housing
MaxID – identity verification
Mogoplus – electronic capture of income and expenses and automatic mapping into credit decision rules
Loanworks – assembly
Equifax – electronic ID and office
CoreLogic – valuations
FMS – issuance of loan documents and settlement management.
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