Go back a decade, and Australians couldn’t have imagined paying for anything with a tap of their smartphone. But today, you can even use your handy gadget to take out a home loan.
Bankwest is the latest lender to help Aussies beat the clock using technology. The bank has just launched a new digital signing service that could slash mortgage approval times threefold.
“Currently it takes around 13 days for a new home loan to be ready for settlement but with digital signing this can be reduced to less than four working days for new home loans and to within 24 hours for increases to existing loans,” Bankwest Executive General Manager of Customer Experience, Andrew Chanmugam said.
Borrowers can access the service via their smartphone, laptop or tablet. And according to Bankwest, any errors found can be corrected quickly, thanks to the service’s electronic audit trail.
For all the environmentally conscious homebuyers, this service is also expected to help Bankwest cut down its paper usage by 2.3 million pieces of paper per year.
But Bankwest isn’t the only one to hop on board the digital mortgage train. Other lenders, particularly online options and challengers to the big banks, are also updating application processes to make them smoother, faster and less hassle for borrowers. Read on to see some of the other home loan lenders who are saving Aussies time with innovative application processes.