One lender has targeted a move to online-only applications after launching a new processing system.
HomeStart Finance’s new front-end loan system allows brokers to submit and track their applications over the internet.
South Australia’s government-backed lender said the new processing system would “improve turnaround times for brokers significantly”.
Chief executive John Oliver said HomeStart wanted to have all broker applications submitted electronically within 12 months.
“Brokers are an important channel for our business and the new system provides an efficient solution for them,” he said.
“This will provide more visibility on each loan application and help brokers understand the paperwork that’s required or is outstanding, as well as receive updates on loan status in real time.”
Mr Oliver said the new processing system would also boost brokers’ business by allowing them to close deals more quickly.
The system was developed over a period of 20 months and was HomeStart’s record IT investment.