Westpac has today announced it will launch a simpler digital mortgage process where customers can gain unconditional approval in as little as 10 minutes.
The digital mortgage will be available in the final quarter of this calendar year for select customers refinancing to Westpac’s Flexi First Option home loan and will then be expanded to more customers throughout 2023.
“Our customers have told us they want an easier way to refinance their home loan and more certainty about the outcome of their application,” said Westpac Consumer & Business Banking Chief Executive, Chris de Bruin.
“Historically, refinancing can take weeks and involve multiple manual processes. Our digital mortgage makes applying for a home loan simpler and faster for customers.
“From application through to unconditional home loan approval, customers are likely to experience much faster mortgage processing provided they meet the criteria. While we are speeding up the home loan process, we are still performing the right checks and balances to ensure we are lending responsibly. Customers who do not meet the criteria for a digital loan or have more complex needs will have their applications assessed by a lender.
“Over time, by digitising our mortgage processes we will also accelerate approval times for wider home loan applications, including for customers seeking face-to-face service through our bankers and broker network,” Mr de Bruin said.
The digital mortgage application and assessment process draws on third party data sources and uses advanced analytics to perform credit checks, verify financials and perform property valuation.
The offer will initially be available for new and existing sole applicants refinancing their owner-occupied variable home loan to Westpac’s Flexi First Option basic product via Westpac’s website or banking app. Customers will be required to have 20 per cent equity in the property and be on a PAYG income.
