Hassle-free home loan: Westpac set to launch fast-approval digital mortgage
Westpac announced today that it will launch a simpler digital mortgage process where customers can get unconditional approval in as little as 10 minutes.
The digital mortgage will be available in the last quarter of this calendar year for select customers who refinance Westpac’s Flexi First Option home loan and will then be rolled out to more customers throughout 2023.
“Our customers have told us they want an easier way to refinance their home loan and more certainty about the outcome of their application,” said Chris de Bruin, managing director of Westpac Consumer & Business Banking.
“Historically, refinancing can take weeks and involve multiple manual processes. Our digital mortgage simplifies and speeds up mortgage application for clients.
“From application to unconditional home loan approval, clients are likely to receive much faster mortgage processing provided they meet the criteria. As we expedite the home lending process, we always perform the right checks and balances to ensure we lend responsibly. Customers who do not meet the criteria for a digital loan or who have more complex needs will have their application assessed by a lender.
“Over time, by digitizing our mortgage processes, we will also speed up approval times for broader home loan applications, including for clients seeking face-to-face service through our network of bankers and brokers. “, Mr. de Bruin said.
The digital mortgage application and valuation process leverages third-party data sources and uses advanced analytics to perform credit checks, verify financial statements, and perform a property valuation.
The offer will initially be available to new and existing single applicants who refinance their owner-occupied variable home loan to Westpac’s core Flexi First Option product through Westpac’s website or banking app. Clients will need to have 20% equity in the property and have PAYG income.