Two fintechs that have been busy making their names known in the digital mortgage space have just announced they are teaming up to deliver an entirely online “end-to-end home loan solution”.
Online home loan manager uno Home Loans has brought neobank 86 400 onto its panel of lenders.
The partnership was a natural fit, with the missions at uno and 86 400 already so well-aligned, with both players striving to drive competition, bolster choice and deliver better solutions for Australian homeowners.
86 400 is the first neobank lender on uno’s panel; the group’s ability to provide customers access to a digital home loan with competitive rates, minimal paperwork and a quick turnaround carries yet heightened value as processing times across traditional lenders have sagged under the weight of COVID requests. Currently, 86 400’s time to approval is up to six times faster than the major banks.
“86 400 has created a unique lender model which seeks to transform how home loans are done by giving customers a superior digital experience - a true alignment with uno’s Active Home Loan Management proposition,” said uno Home Loans CEO Anthony Justice.
“Our number one goal at uno is to make the home loan process easier and more transparent to help our customers start on a great rate and stay on a great rate.
“We know our customers want to do more online, so being able to bring on a digital lender to complement our digital broking offering is a critical step in our mission to be the go-to place for a fast and competitive online home loan.”
Once an application for an 86 400 ‘Own’ home loan has been lodged through an uno broker, customers can finalise their application straight from their smartphone.
86 400 provides fully-featured loans with fixed and variable rate options, both of which offer redraw. Last week, the bank introduced tiered variable rates for borrowers, giving customers with higher deposits access to lower rates.
“uno’s customer-first approach to doing business aligns really nicely with our own – helping Australians take control of their money,” said 86 400 CEO Robert Bell.
“Our smarter approach to home loans not only includes the great rates you’d expect, but also a streamlined digital application process and a super-fast time to approval, meaning borrowers can own their home sooner – without sifting through piles of paperwork.”
