Australian challenger bank 86 400 has introduced a digital home loan offering, nine weeks after its public launch.
The digital solution, available through brokers, seeks to expedite the home loan approval process by up to six times.
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The overall process is completely digitised, minimising paperwork except for signing of the contract.
It uses Mogoplus solution to add income, expenses and other information electronically into the loan application. The applicants can authenticate their identities online as well as electronically sign loan documents, if it is approved.
The 86 400 offering uses MaxID to verify the identity of the applicants and Loanworks for origination.
86 400 home loan lead Melissa Christy said: “Our smart technology works on the brokers behalf, to make their life simpler every step of the way.
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By GlobalData“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.”
Launched in September, 86 400 is said to be Australia’s first smartbank. Currently, it offers transaction and savings accounts.
Customers can also connect their other bank accounts to 86 400 app to get a complete financial overview.
In December last year, 86 400 began its beta app testing. The app secured a banking licence from the Australian financial regulator in July 2019.
