With neobank 86,400 launching online home loans this week, the term “digital home loans” has never been so successful.
86,400’s “smart” real estate loan must be requested through a broker, but other than the sales contract, there is no physical paper involved in the process. It can be supplemented with electronic identity checks, electronic collection of income and expenses, and the ability to sign your loan documents online, if approved.
The Sydney based neobank aim to make the process as smooth as possible, by finding you and putting you in touch with a broker once you have completed the online form. Of course, depending on which broker you end up with, you might need to set up an in-person meeting to go over the finer details.
Online mortgage loans Often eliminate the need for bulky paper application forms which makes your life easier and is certainly good news not only for the planet but also for your wallet when you factor in the cost of paper and ink cartridges.
But besides being just plain easier, online loans also often offer more competitive rates than the Big Four. And 86,400 isn’t the only lender offering online home loans with lethal interest rates.
One example is UHomeLoan 3-year fixed interest rate from UBank, which with an annual interest rate of 2.69% (compare rate 3.19% *), currently offers the lowest rate for this type of mortgage in the Mozo *** database.
Also note that the 3-year fixed rate mortgage of 86,400 is also in the 2% club, offering interest rates as low as 2.88% per year (comparison rate 3.31% *) .
Curious to learn more about online home loans and what the application process actually involves? Why not check out the online home loan offers below to find out more.