Time-consuming home loan applications may soon be a thing of the past, as Australia moves towards a more fast paced solution for prospective homebuyers.
Digital transaction management company DocuSign is currently working with some of Australia’s largest banks, in the hopes of streamlining the home loan process.
Applications that can currently take hopeful home buyers 3 - 4 weeks to complete may soon be accomplishable in a single day.
DocuSign’s program, which is already in use in other parts of the world, such as the US, allows documents to be electronically signed on devices such as smartphones and tablets, using just a finger.
“We are working with most of the banks and some of the bigger brokers at the moment to make this a reality, there’s a bit rush on to do this,’’ DocuSign’s Australian spokesman Adrian Wicks told news.com.au.
“Banks in the US are offering same-day mortgages and you will see it very soon in Australia and New Zealand.”
The new technology would mean mortgage applications could be processed much quicker, and would also boost home loan competition among Aussie banks.
“It’s a competitive differentiator with interest rates being very similar and the service offered being very different across the banks,” Wicks was quoted as saying.
It remains to be seen whether a speedy application process will be enough to tempt borrowers despite the big 4 banks’ failure to pass on the complete savings from the RBA’s last rate cut, and CommBank reducing the discounts it offers on new home loans this week.
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