Next time you visit a mortgage broker, if you see a home loan from a string of numbers instead of a bank, you’re not seeing things – you may have just encountered 86 400, a neo-bank aiming to disrupt the mortgage market.
Named after the number of seconds in a day, 86 400 is a digital-only bank that aims to let you fully manage your money from your mobile.
Having recently partnered with mortgage aggregator Vow Financial and its network of more than 1200 mortgage brokers, the neo-bank is one step closer to providing Australians with its own home loans.
“We didn’t set out to create a standard home loan product — we are building an entirely new approach to the home loan process that will make life easier for brokers and deliver better value to customers.” – 86 400 CEO Robert Bell
However, before you go rushing to make a broker appointment, 86 400 hasn’t actually released its home loan products yet – it still needs a banking license from the Australian Prudential Regulation Authority (APRA).