Home News Bendigo bank unveils instant home loan service

Bendigo bank unveils instant home loan service

Font size :

Bendigo Bank recently launched Bendigo Express, an instant home loan service.

Bendigo Bank recently launched Bendigo Express, an instant home loan service, in partnership with fintech group Tic:Toc.

Using Tic:Toc technology, Bendigo Express automates mortgage assessment, allowing for fast online approval. The automation provides an opportunity for the bank to reduce processing costs and deliver cheaper home-loan products for potential customers.

To use the service, borrowers need to fill out a form online and submit documents such as proof of identity, bank statements, and payslips electronically.

Below is the breakdown of the different loan types for owner-occupiers and investors under Bendigo Express.

Bendigo Express Home Loan Products

 

Interest Rate

Comparison Rate

Live-in fixed principal and interest (with two-year fixed interest rate)

3.89%

5. 54%

Live-in variable

principal and interest

3.89%

4. 19%

Investment variable

principal and interest

4.44%

4. 73%

Investment variable

interest only

4.94%

5. 88%

 

Bendigo and Adelaide Bank managing director Marnie Baker said the service is part of its commitment to improve its customer service and introduce new ways to provide clients with the financing they need.

"By partnering with fintech, we continue to set the bar for best-of-breed solutions and outcomes for our customers, making it easier for them to engage with our bank and providing them with certainty more quickly in our fast-paced world," she said.

Tic:Toc CEO and founder Anthony Baum said Bendigo's partnership with Tic:Toc brings significant efficiencies in the process of providing home loans. Aside from stripping costs from the process through automation, he said the service delivers higher responsible lending standards via inbuilt regtech and digital validation of income and expenses.

"We’re excited Bendigo and Adelaide Bank is embracing this innovation to improve the customer experience when it can be done digitally and conveniently for more homeowners and home buyers," he said.

It can be confusing to know whether to get a variable rate or fixed rate mortgage, and what features are important. That's why it's important to not only check the right rates, but make sure that you're getting the right features in your home loan. Get help choosing the right home loan

Mortgage News and Articles

Banning commissions is the best option for brokers and borrowers, says industry figure Banning commissions is the best option for brokers and borrowers, says industry figure

A broker has written an open letter arguing that removing commissions will benefit the whole industry Read more

More Aussies to struggle with mortgage repayments: Moody's More Aussies to struggle with mortgage repayments: Moody's The ratings agency expects an increase in delinquencies over the next few months ... Read more

Will Labor’s negative gearing changes only worsen the housing downturn? Will Labor’s negative gearing changes only worsen the housing downturn? Rate cuts would cushion the impact of the changes, but prices are likely to fall further ... Read more

Borrowers turn to customer-owned banks for home loans Borrowers turn to customer-owned banks for home loans They are ditching the Big Four banks due to the controversies uncovered during the royal commission's queries ... Read more

More mortgage news and articles

Sponsored Links

Saturday, Mar 23, 2019
Top Featured Rates
Top Bank Rates

Get help choosing the right home loan

Let us help you find the right home loan for your needs.

Tell us a bit about your circumstances:
  • Purpose of mortgage
  • Household Income
    $
  • How much do you want to borrow?
    $
  • How much deposit do you have?
    $
  • How much is your house worth?
    $
  • How much do you still owe on your mortgage?
    $
  • What type of mortgage do you have?


  • How much is your new home?
    $
  • How much do you want to borrow?
    $
  • How soon do you want a mortgage?
Next
  • First name
  • Last name
  • Where do you live?
  • Phone number

Special Offers

Related Keywords