Australia’s first smartbank, 86 400, has partnered up with one of Australia’s largest mortgage brokers, Finsure, to further boost its lending panel.
With over 2,000 brokers on its books, Finsure has experienced strong growth in the past year, with its settlements increasing by 42 per cent and its total loan book reaching over $56 billion.
Simon Bednar, general manager at Finsure, says tie-up will give Finsure brokers and their customers more choice when it comes to lending options. “Equipping our brokers with one of the most innovative home loans on the market will not only help our brokers excel in the competitive broking world but will also help more Australians get a leg up on the property ladder.”
For his part, George Srbinovski, head of broker distribution at 86 400, says the partnership will help the smartbank to offer even more Australians its digital home loan.
“With next to no paperwork, brokers and their customers are always so surprised by the absolute ease of our digital home loan application process. We’ve experienced strong growth in the past year and look forward to building on this in the months to come.”
This news follows 86 400’s launch of its 85 per cent loan to value ratio tier for owner-occupied, principal and interest home loans, which removes the need to pay lenders mortgage insurance with a 15 per cent deposit/equity, knocking thousands off the potential cost of buying or refinancing a property.
86 400, which is built for smartphones and is part of NAB, launched its Own home loan offering in November 2019, which it describes as the first and only digital home loan for brokers, with competitive rates and fast turnaround times. Its Neat home loan product was launched one year later, offering an alternative mix of features and rates.