86 400, Australia’s first smartbank has announced a number of changes to their digital home loan for brokers that come into effect from today.
As the first and only neobank to offer mortgages, 86 400 continue to put customers first through their marketleading products, highly competitive rates and streamlined digital processes.
Rates 86 400 have dropped their fixed rate loans, bringing the 1 year and 2 year terms to an alltime low of 2.24% p.a. (2 year fixed comparison rate: 3.02% p.a.*) for owner occupied principal and interest.
On assessing home loan applications, 86 400 has also reduced their minimum serviceability floor rate to 5.25% (which was previously 5.50%) on new applications for 86 400 Own home loans as part of the assessment process.
In addition, 86 400 introduced a $2,000 cashback on eligible home loan applications received between 4 May 2020 and 30 June 2020. The cashback is available for loans with minimum borrowings of $250,000 that settle before 31 August 2020.
Robert Bell, CEO of 86 400: “From the start we’ve set out to be a smarter alternative to the Big Four and today’s changes demonstrate that, by helping Australians get a better deal on their home loan and putting money back in their pocket which has never been more important.”
Approvals As the first and only digital home loan for brokers, 86 400 offer unconditional approval on applications in just hours, and the entire application process including the issuing and signing of loan documents is completed digitally - without the need for payslips (or physical presence). Behind the quick processing times, 86 400 has a dedicated Australian-based team to help before, during and after the application.
George Srbinovski, National Manager, Broker Distribution of 86 400: “This is a time when brokers and applicants are looking for certainty, and increased processing and waiting times lead to increased pressure on borrowers. Our application process gives applicants quick approval, as well as a view of where they stand financially before making such a big financial decision, which is crucial through this challenging time.”