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New mortgage product offers automated approval

New mortgage product offers automated approval

Bendigo Bank has unveiled an “instant home loan”, which is powered by its fintech partner, Tic:Toc.

Bendigo Bank’s new loan product, called Bendigo Express, uses Tic:Toc technology to automate the mortgage assessment and approval process.

As part of the process, borrowers not only fill in an online application form, but also submit proof of identity and income over the internet.

This sort of automation delivers reduced costs and higher responsible lending standards, according to Bendigo Bank.

Bendigo Express is targeted at owner-occupiers and investors, and offers both principal-and-interest and interest-only options:

Loan typeBorrower typeAdvertised rateComparison rate
Variable, principal and interestOwner-occupier3.89%4.19%
2-year fixed, principal and interestOwner-occupier3.89%5.54%
Variable, principal and interestInvestor4.44%4.73%
Variable, interest-onlyInvestor4.94%5.88%

Tic:Toc chief executive Anthony Baum said the Tic:Toc technology used in Bendigo Express would make the mortgage application process more convenient for borrowers.

“Offering our technology platform as a service for Bendigo & Adelaide Bank is our first enterprise partnership that will benefit from our automated assessment and approval technology,” he said.

Bendigo & Adelaide Bank, which owns Bendigo Bank, is a shareholder in Tic:Toc.

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This article was reviewed by Personal Finance Editor Mark Bristow before it was published as part of RateCity's Fact Check process.

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