Led by CEO Robert Bell and chaired by Anthony Thomson, digital bank 86 400 launched in September 2019 with transaction and savings accounts. Last week, 86 400 announced an entirely digital home loan offering said to be the first “smart alternative to how brokers currently submit client applications.”
The 86 400 loan offering is said to provide brokers with a fully digital solution that delivers a faster time to a home loan decision, with nearly zero paperwork. The approval process is claimed to be up to six times quicker than a big bank.
The home loan offering is available for purchasers, refinancers, owner-occupiers and investors as a fully-featured loan, with fixed and variable rate options. The team behind 86 400 reportedly spent eighteen months working through the key pain points for both brokers and customers before developing their technology solution.
“This is a huge moment for the whole team at 86 400, launching our home loans offering just a couple of months after we took our smartbank live to the public. We set out to create an entirely new, smarter approach to the home loans application for all Australians and through technological innovation we’ve done just that,” said Bell.