Just nine weeks after going live to the general public, Australian neo bank 86 400 has entered the mortgage business, offering entirely digital home loans through a network of brokers.
The offering provides brokers with a digital platform embracing everything from electronic statement capture to mobile ID verification, and electronic signatures, delivering a faster time to a home loan decision with just a single piece of paperwork needed for a purchase - the contract of sale.
Eighteen months in the making, 86 4000 worked with an array of service providers to develop the platform, and has signed a partnership deal with Specialist Finance Group to strengthen its national distribution of home loans, with a select network of 2,800 brokers.
Melissa Christy, home loan lead, 86 400 comments: “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.”
Led by CEO Robert Bell and chaired by Anthony Thomson, 86 400 launched in September 2019 with transaction and savings accounts.