Promoted by 86 400
86 400 offers the first and only digital home loan for mortgage brokers, giving quicker turnaround times and next to no paperwork
1. Who are 86 400and what has been your banking journey to date?
86 400 is Australia’s first smartbank, here to help Australian’s take control of their money. We use smart technologies to strip the waste out of banking and give back to our customers. We are a bank located entirely within your smartphone fit for purpose in today’s mobile world.
In July 2019 we were granted a full banking license. By September 2019 we launched our Pay and Save Accounts, and just two months after that the first and only digital home loan for brokers. Our journey to date has been nothing short of hectic, changing the way Australian’s bank and how brokers submit home loans.
2. When did 86 400 start working with the broker channel and why?
We launched home loans in November 2019, exclusively via the broker channel. We chose the broker channel to launch our home loan proposition as we believe brokers are best placed to assist customers with their home loan needs. The role of a broker is to support their customers through what can be a challenging and complicated decision. There is no doubt that they’re able to find the right lender and the right loan for their customers. The broker channel also helps us, as a new brand, to get recommended to customers and scale in what is a very competitive market.
3. Why is a strong broker channel important to 86 400?
We believe in the knowledge and experience of our brokers and trust they will see the value in our digital home loan solution for their customers. Whilst we are a smartbank, onboarding customers via our App, we also appreciate that people prefer a human interaction to support what is likely to be their biggest financial decision, buying a house. We also know that most loans written in Australia come from the broker channel because they are trusted by their customers. Strength in this channel is important for our growth.
4. What are 86 400’s top priorities currently in terms of broker channel?
Firstly, to continue supporting our brokers on the ground with training, scenario reviews and assisting with submitting applications. By doing this we will continue to create awareness of 86 400, our competitive products and services. As well as our innovative home loan application process, which we believe can change the way brokers run their business.
Secondly, continuing to grow our home loan book. We want to continue to grow and continue to scale our business to be able to help more Australian’s take control of their money. Doing this will let us build more products and features to benefit both customers and brokers.
Finally, education and creating awareness of our market leading technology in our home loan solution and why it saves brokers time and provides a quicker turn around.
5. How does the 86 400 home loan process create efficiencies in a broker’s business?
Our application is digital and has next to no paperwork involved. We only require a contract of sale for a purchase. No payslips! Income and expenses are seamlessly collected from the customer electronically. The identification process is also digital which means brokers don’t even need to meet with the applicant prior to the loan being submitted – they can be identified using their smart phone.
6. What kind of tools and support do 86 400 offer brokers? And how do brokers access them?
We offer a dedicated website for our brokers that is updated regularly and contains tools, policies, training videos and communication to engage brokers with our business.
A team of specialists across the business and at Simpology who are experienced and happy to support any questions or give guidance – either webchat when in the application, email or telephone with our BDMs or broker support team.
A straight-forward and easy digital application process that allows applicants to take control of their application and offers full visibility between applicant, broker and 86 400of information being provided. This means that the time an applicant waits for a yes or no is reduced, and it supports more quality applications being submitted or generated in the pipeline.
7. Why should a broker look to partner with you?
We offer the only fully digital application process for brokers. We are able tor educe paper, minimise time and provide a faster approval. All our documents are issued and signed digitally by customers. Applications are picked up straight away and brokers do not need to meet applicants in person. We want to be able to provide the best possible experience for both customer and broker.
Our experienced and dedicated team are always able to support any questions or issues that brokers may have – looking for the right outcome. And finally, being a smartbank, we can provide brokers clients with an amazing app experience to manage their whole financial world including consolidating all their accounts in the one place and show them their upcoming bills.
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