Home loan management service uno today announced neobank 86 400 has joined its panel of lenders, allowing the parties to offerer a simpler loan application process with minimal paperwork.
Both uno and 86 400 are challengers in the digital mortgage space; using digital tools and infrastructure to minimise costs and focus on customer experience
86 400 becomes the first neobank lender on uno’s panel, sayinging it will give customers access to a digital home loan with competitive rates, next to no paperwork and a time to approval up to six times faster than a Big Four bank.
86 400, named after the number of seconds in a day, launched in 2019, rolling out home loans shortly after.
uno says its partnership with the digital bank comes at a critical juncture, as application turnaround times for some non-digital home loan lenders continue to lag.
With 86 400’s ‘Own’ home loan product, once an application has been lodged through a uno broker, customers can finalise their application straight from their smartphone. The 86 400 experience dramatically simplifies the application process; eliminating the guesswork and ending the hassle of trawling through paperwork by automatically pulling the required information – such as income and expenses – direct from customer accounts.
“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.” added Justice.
86 400’s home loan offering, which is available for purchasers, refinancers, owner-occupiers and investors, is a fully-featured loan, with fixed and variable rate options, both with redraw. The variable rate loan also has the ability to link to multiple offset accounts (both 86 400 Pay and Save accounts).
Last week, 86 400 introduced tiered variable rates for borrowers, giving customers with higher deposits access to lower rates. Variable rates start from 2.59% p.a. (owner-occupied, principal and interest 60% LVR and below) with comparison 2.87% p.a .
Robert Bell, 86 400 CEO, said: “uno’s customer-first approach to doing business aligns really nicely with our own – helping Australians take control of their money. 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.”
With lenders like 86 400 on uno’s panel, combined with the power of smart technology and a team of expert brokers – uno is helping Australians start on a great rate and stay on a great rate, for the life of their loan.