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Date Published : Wednesday, August 20, 2008
Australians can now be approved for a home loan online in less than ten minutes, it has been reported.
LoanAustralia offers mortgages that can be purchased solely online in an attempt to cut processing costs, news.com.au has claimed.
Emad Tadros, founder and chief executive of LoanAustralia, stated that the online migration cuts out a range of expensive overheads and fees and allows the loan provider to pass the savings on to the customers.
"By taking our operations online we have been able to cut business costs by 90 per cent. While we have experienced customer service operators, we do not have expensive offices and our customers do not pay broker fees," he said.
Earlier this month, Mr Tadros declared that LoanAustralia had launched a no-fee standard variable home loan at 8.7 per cent per year, which is around one per cent below that of the banks.
On this rate customers could save around $2,500 per year on a $250,000 home loan, he added.
As well as saving money, borrowers could save time with applying for a mortgage solely online, according to the chief executive.
"Gone are the days of making appointments and crossing your fingers that your application has being successful. Online gives you instant approval and takes all the emotion out of the process," he said.
Loan Australia was founded in 2004 and the non-bank lender's loans are funded by ANZ and GE Money.
Statistics from Thomson Reuters show that the big four banks in Australia control 75 per cent of the mortgage lending market.
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