Borrow
Neobank launches paperless mortgages
A neobank has dived into home loans, offering customers what it describes as the first lot of “fully digital mortgage applications”, promising to be six times faster than the big four banks.
Neobank launches paperless mortgages
A neobank has dived into home loans, offering customers what it describes as the first lot of “fully digital mortgage applications”, promising to be six times faster than the big four banks.

86 400, touted as the country’s newest smartbank, has been rolled out across Australia, enabling consumers to make a home loan application via an app.
86 400’s initial home loan offering, which is available for purchasers, refinancers, owner-occupiers and investors, is a fully featured loan, with fixed and variable rate options, both with redraw.
The variable rate loan also has the ability to link to multiple offset accounts (both 86 400 Pay and Save accounts). Rates start from 2.88 per cent p.a.
86 400 captures income and expenses and pre-populate them onto the loan application, meaning the application can be filled out within half an hour to an hour.

The bank believes it can make decisions on mortgages within 24 hours, making them six times faster than a traditional major bank.
86 400’s home loan lead, Melissa Christy, said “applying for a home loan shouldn’t mean trying to make a miracle happen”.
“We have made the process transparent, easy to understand and quick so consumers can focus on finding their dream home rather than drowning in paperwork and unknowns,” Ms Christy said.
While other fintechs, including Macquarie-backed Athena Home Loans, NAB’s Ubank, Gateway Bank, Juno Bank and Volt, have all dabbled in the digital market space this year, 86 400 said it was the first provider to offer the digital home loans through brokers.
With research suggesting that more than two-thirds of Australians experience challenges whilst trying to get a home loan, and more than half citing specific challenges to the process itself, 86 400 believes pre-filling relevant information will save customers hassles of trawling through statement for different accounts and providing paperwork.
86 400 launched its neobank nine weeks ago, becoming the first of several challengers to open to the general public.
About the author

About the author


Loans
Navigating the Australian student loan landscape: Options for financing your education
Securing financing for post-secondary education is a significant step for many Australians, offering a pathway to advancing career prospects and achieving personal growth. Read more

Loans
Secured vs. unsecured personal loans: Which is right for you?
When considering a personal loan in Australia, one of the first decisions you'll face is whether to opt for a secured or an unsecured loan. Each type has distinct advantages and drawbacks, and the ...Read more

Loans
Weighing up interest-only home loans: What Australian borrowers need to know
Interest-only home loans have become a topic of considerable interest among Australian borrowers, offering a unique approach to home financing. This type of loan allows borrowers to pay only the ...Read more

Loans
Bridging loans demystified: Navigating your next property purchase in Australia
Navigating the property market can be daunting, especially when timing issues arise between selling your current home and purchasing a new one. Bridging loans offers a solution, providing the ...Read more

Loans
Ultimate guide to green loans: Financing sustainable home projects in Australia
As Australians become increasingly conscious of their environmental impact, many are turning to sustainable home improvements to reduce their carbon footprint and enhance energy efficiencyRead more

Loans
CBA launches digital home loan with 10-minute application
According to the bank, Unloan will provide a single low-cost interest rate to borrowers with an application time of as little as ten minutes. Read more

Loans
Are central banks weighing the economic pain of rate hikes?
The hype around interest rate hikes usually centres around the urgent and fundamental need to alleviate the consequences of inflation – but does this monetary policy do more harm than good? Read more

Loans
As rates begin to rise, how much more will new borrowers pay?
Mortgage holders could be asked to pay over $1,000 more per month due to rising interest rates. Read more

Loans
Navigating the Australian student loan landscape: Options for financing your education
Securing financing for post-secondary education is a significant step for many Australians, offering a pathway to advancing career prospects and achieving personal growth. Read more

Loans
Secured vs. unsecured personal loans: Which is right for you?
When considering a personal loan in Australia, one of the first decisions you'll face is whether to opt for a secured or an unsecured loan. Each type has distinct advantages and drawbacks, and the ...Read more

Loans
Weighing up interest-only home loans: What Australian borrowers need to know
Interest-only home loans have become a topic of considerable interest among Australian borrowers, offering a unique approach to home financing. This type of loan allows borrowers to pay only the ...Read more

Loans
Bridging loans demystified: Navigating your next property purchase in Australia
Navigating the property market can be daunting, especially when timing issues arise between selling your current home and purchasing a new one. Bridging loans offers a solution, providing the ...Read more

Loans
Ultimate guide to green loans: Financing sustainable home projects in Australia
As Australians become increasingly conscious of their environmental impact, many are turning to sustainable home improvements to reduce their carbon footprint and enhance energy efficiencyRead more

Loans
CBA launches digital home loan with 10-minute application
According to the bank, Unloan will provide a single low-cost interest rate to borrowers with an application time of as little as ten minutes. Read more

Loans
Are central banks weighing the economic pain of rate hikes?
The hype around interest rate hikes usually centres around the urgent and fundamental need to alleviate the consequences of inflation – but does this monetary policy do more harm than good? Read more

Loans
As rates begin to rise, how much more will new borrowers pay?
Mortgage holders could be asked to pay over $1,000 more per month due to rising interest rates. Read more