Smartbank 86 400 launches direct-to-consumer digital home loans

By Leandra Monteiro

Australian smartbank 86 400, is enabling customers to apply for a home loan direct from their smartphone, tablet or desktop making its digital mortgages available to even more Australians.

The direct-to-consumer channel will help Australians refinance their home loan sooner and with far less stress than traditional direct alternatives. Onerous forms, pay slips and paperwork have been removed from the process entirely. Applications take as little as 15 minutes from start-to-finish, and customers can get an approval in as little as two hours.

The direct process uses electronically verified income and expenses to tell applicants exactly where they stand and what they can afford in minutes. As part of the application process, 86 400 surfaces the applicant’s annual income and last three months of expenses from any of the banks or financial institutions they provide, giving them an immediate grasp of their financial picture.

Robert Bell, CEO of 86 400 shared, “I’m incredibly proud of the work the team has done over the last few years to simplify and streamline what is often a stressful and time-consuming process. Following such a great response from the broker community, and with 600 million in loans now settled or awaiting settlement, we wanted to create a smart approach to home loans for those that prefer to apply direct.

While mortgage brokers will continue to be our primary channel, particularly providing expertise to help the customers through more unique and complex situations, launching a direct-to-consumer channel is our next stage of growth as we continue to live out our mission of helping all Australians take control of their money.”

Melissa Christy, Lending Product Lead at 86 400 added, “By streamlining the traditional process of applying direct, we’ve created a smarter, simpler, digital alternative, which our pilot customers have loved. Our fast applications and approvals promise to put more Australians on the financial fast track to property ownership, or a better rate on their existing mortgage.”

86 400 launched its digital mortgage offering in November 2019 with the Own home loan, available via brokers. Its Neat home loan product was launched one year later, providing Australians with an alternative mix of features and rates.