New partnership between digital bank 86,400 and Mortgage Choice aims to deliver unconditional home approval in under two hours – is it really possible?
It sounds like an incredible promise, especially at a time when some of the big banks have experienced huge delays in processing their loans and their turnaround times. In the aftermath of COVID-19, some of the major banks took weeks or even months to assess a loan application.
All of this makes this 86,400 offer even more promising. But is a two hour loan approval timeframe actually available or is it more of a marketing gimmick than a standard benchmark for all clients?
George Srbinovski, national director of distribution for 86,400 brokers, says a quick turnaround time with unconditional approval within hours is quite achievable.
“We are able to start evaluating the request as soon as it has been submitted by the broker, and once we receive a request from a broker, the fastest time we can get back to them and their client with an unconditional notice the approval is a little less than two hours, ”he confirms.
“While our personal best sits at this benchmark of just under two hours, we aim to have all inquiries returned to the broker with a decision within 24 hours.”
There are some things to consider if you are a borrower looking for this type of faster payment. mortgage loan approval, he adds: “At the moment, we only accept LVR below 80%, so the borrower should also meet these criteria.”
But overall, Srbinovski says digital banking intends to revolutionize the often awkward home loan process by changing customer expectations for time frames and service levels.
Emma Dupont-Brown, general manager of products and corporate communications at Mortgage Choice, says this new partnership will also help streamline the loan application process and minimize red tape for borrowers by going digital. .
“Neobanks are leading the way in the customer experience when it comes to mortgage applications, and this new partnership with 86,400 means our clients can take advantage of a digital home loan application process, which means much less paperwork. , effort and inconvenience, ”Dupont -Brown said.
“When it comes to validating an applicant’s income and living expenses, it is done through a secure portal. The applicant gives access to 12 months of income and three months of expenses, which saves the time of the applicant because he does not have to do it. go through the steps of downloading all of their statements and sending them to the lender. “
When the client needs to sign documentation, even that is digitally completed – paving the way for an end-to-end mortgage lending process that can be performed by the borrower where it suits them best.
“It’s a transparent process for the consumer and I think we can expect more banks to adopt this process in the future,” Dupont-Brown said.