Bank of Melbourne launches on-the-go home loan application
Bank of Melbourne customers can now apply for a home loan on their smartphone or tablet, with real-time feedback on how much they could afford to borrow.
Coinciding with new research that shows one in five Victorians would rather visit the dentist or sit in peak hour traffic than go through a traditional paper home loan application, the convenient new digital home loan application simplifies the process.
Featuring fingerprint and face ID authentication through the Bank of Melbourne app, the new technology gives homebuyers a personalised snapshot of their potential borrowing power, estimated upfront costs and estimated monthly repayments, and the bank’s best interest rate based on their personal situation.
Bank of Melbourne Chief Executive Michelle Winzer said the new application platform makes banking even more convenient for Victorians.
“Our research told us that nearly half of all first homebuyers have put off buying a home because the traditional loan application process is too daunting,” Ms Winzer said.
“This new online option could make the process quicker and easier - customers can fill in the application at their own pace, whenever and wherever it suits them. It helps homebuyers start hunting with confidence, provided the information they have told us is correct: they’ll see their borrowing power, as well as a real-time valuation for those who have already found their perfect home or are refinancing an existing loan.”
Customers can also access the latest property insights from national property data firm CoreLogic through the platform. Home loan lenders are on hand to help customers with their application by live chat or over the phone, seven days a week.