A fintech with aspirations of disrupting the home loan market has announced it settled its first mortgage application in under 15 minutes, thanks to its proprietary technology.
Australian Mortgage utilised its Intelligent Credit technology to approve the home loan on the spot, bypassing the delays and red tape often faced in traditional bank processes, and providing immediate certainty for the applicant.
Australian Mortgage is a white label digital home-loan lender and it launched its pilot program with its first distributor, Shore Financial.
Following the under 15 minute application process, the loan settled the very next day.
“Funding the first mortgage on our own developed platform is a monumental achievement for the Australian Mortgage team. It’s not just about funding a mortgage, it’s about proving that our best of class system is ready,” said managing director Kym Dalton.
Intelligent Credit verifies an applicant’s information through trusted digital partners, and then processes that information using proprietary credit decision algorithms to provide a verified approval. Customers no longer have to begin their home loan process with seeking a conditional pre-approval from the bank or waiting 16 days for a full credit assessment.
Instead, applicants are issued an acceptance letter detailing their verified loan scenario that simply needs to be digitally signed to proceed. Customers receive documents via email and are able to execute the loan documents digitally resulting in a significantly faster home loan process.
The immediate approval means home buyers are empowered to make confident bids or offers on a home or investment property.
“The company is taking a responsible approach to ramping up its volumes. Even so, news of the commencement of our lending operations has generated significant interest from brokers and mortgage managers,” said Dalton.
Australian Mortgage has already received commitments from brokerages and mortgage managers to distribute over $2.5bn per annum in prime mortgages on completion of its pilot program.
