Hate long waits? You’ll love this. Bankwest slashes home loan application times
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.
loans.com.au - ZIP Home Loan
If you want to apply and manage your home loan all from the comfort of your couch, then look no further than loans.com.au. When you download loans.com.au’s onTrack app, you’ll be able to stay on top of your home loan application and breeze through to approval and settlement. In addition to tracking your application progress, onTrack lets you upload and approve documents, book appointments with your Lending Specialist, and receive notifications of milestones - 24/7! And if that’s not enough, loans.com.au took out the Best New Feature Award in the 2019 Mozo Experts Choices Awards for the ZIP Debit Card, which is an optional extra with the ZIP Home Loan. With loans.com.au, you can also wave goodbye to any application or monthly fees.
Tic:Toc - Variable Home Loan
- 22 minute online home loan application
- Competitive fixed and variable rates*
- Mozo Experts Choice Awards Online Home Lender of the Year^
Your time may be tick-tocking, but Tic:Toc has your back. It’s speeding up the home loan application process for customers, with intuitive tech that assesses your application as you go. When you apply online, the site automatically works out your suitability as a borrower - without the hassle of physical interaction or paperwork. Being an online-only provider, Tic:Toc also lets you skip all the admin fees normally involved with providers who operate in bricks and mortar facilities. But the benefits don’t stop there: Tic:Toc was recognised for its great value home loan products in the 2019 Mozo Expert Choice Awards when it snatched up the title of Online Home Lender of the Year, along with Low Cost Home Loan and Fixed Rate Home Loan Awards.
HSBC - Discounted Home Value Loan
- Personal help every step of the way
- Unlimited free extra repayments
- Mozo Experts Choice Awards winner^
When you apply for a mortgage with HSBC, you’ll have your dedicated HSBC Relationship Manager to help you through the home loan process - so you can ask all the burning questions you may have along the way. And if you’re looking for a low rate, low fee loan with a big bank, HSBC could be a great choice with its Home Value Loan, which won Mozo Experts Choice Awards for the Low Cost Home Loan, First Home Buyer Loan and Split Home Loan categories. With HSBC’s home loans, you can also look forward to a range of flexible features including free extra repayments, unlimited redraw and a split rate option.
UBank - UHomeLoan - Discount Offer
If you choose a home loan with UBank, you’ll be able to manage your application without even getting out of the house. Once you’ve gotten a tick of approval in principle from a home loan specialist, UBank’s Application Tracker lets you upload documents and check-in whenever you want for instant updates. There’s no need to scan in wonky I.D. photos, as Tracker accepts smartphone photos of your passport, licence and other documentation. As a direct bank, UBank also charges its customers no application or ongoing fees for any of its fixed or variable home loans. What’s more, UBank took home 2019 Mozo Experts Choice Awards for four categories: Low Cost Home Loan, Split Home Loan, Fixed Rate Home Loan, and Investor Fixed Home.
^Find out more about the 2019 Mozo Experts Choice Awards for Home Loans
*Read more about Tic:Toc’s variable and fixed mortgage rate drops
Want to compare more home loans? Check out the latest mortgage rates from over 80 lenders at Mozo’s home loan comparison hub.
* WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.
** Initial monthly repayment figures are estimates only, based on the advertised rate. You can change the loan amount and term in the input boxes at the top of this table. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.
^See information about the Mozo Experts Choice Home Loan Awards
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