(1).jpg)
An Australian bank is promising to offer its home loan customers unprecedented ease and convenience through a new white label partnership.
Bendigo Express, an instant home loan from Bendigo Bank, relies on automated assessments that slash costs while maintaining high responsible lending standards via inbuilt reg-tech and digital validation of income and expenses.
The loan relies on proprietary technology developed by Tic:Toc.
Anthony Baum, the fintech’s founder and CEO said, “We created Tic:Toc because we knew there was a better way for Australians to get their home loans. We’re excited Bendigo and Adelaide Bank is embracing this innovation to improve the customer experience.”
The white label partnership between the organisations makes Bendigo the first Australian bank to offer a digital home loan under its own brand.
Bendigo Express launched with a 3.89% variable interest rate for principal and interest loans for owner occupiers, and 4.44% for principal and interest residential investment loans.
Marnie Baker, MD of Bendigo and Adelaide Bank said, “We are committed to investing in new capability and innovation for our customers.
“By partnering with fintechs, we continue to set the bar for best-of-breed solutions and outcomes for our customers, making it easier for them to engage with our bank and providing them with certainty more quickly in our fast-paced world.”
The initial customers to benefit from the instant home loan technology are pleased with the speed and convenience provided by the digital platform.
“Despite being an online service, the experience was personal and warm. There was no problem getting in contact with someone, the credit assessor and the manager were contactable via email and phone on the day,” said customer Tingting Shen.
