A Brisbane-based broker is set to launch an app that will allow potential borrowers to apply for home loans on their mobile phones.
George Samios, founder of Madd Loans and winner of the Editor’s Pick category at The Adviser’s Better Business Awards in Queensland, developed the app to help speed up the loan application process for borrowers.
“They could submit an application and have an approval through within 24 hours,” he said.
“They hit submit and our office gets in contact with them in the next eight hours. They can send their documents via the app, take photos of their payslips and of their driver’s licence on their phone, and it all securely goes straight to our CRM.”
The app will not only allow potential borrowers to apply for a loan, but also track their loan status and calculate loan repayments and government fees.
Mr Samios spent a year working with a company in India that specialises in developing apps for iOS and Android. He said it was feedback from his customers that prompted him to develop the app.
“We always do a customer survey after every loan that we write. A lot of clients have said that it would be cool if they had an app and could apply through there,” Mr Samios said.
“I think the way that the industry is going is that people want to be able to have many options to do loans – over the phone, over email or face-to-face.”
The new app will be launched next month.