Digital mortgage battle to erupt as fintechs eye home loans | clancyyeates
and Athena Home Loans are also eyeing a piece of the action, alongside older businesses such as Loans.com.au, owned by Firstmac.
“If you look at the global data, you’ll see that Australia is far behind the rest of the world, where currently less than 3 to 5 per cent of mortgages are originated digitally, compared to 30 per cent in the US,” Walker says. But in any case, there is little doubt that digital home lending is emerging as a key battleground in banking - just asAt their full-year results, each of the big four banks were busily talking their moves to make mortgage lending more digital and faster, with both Commonwealth Bank and ANZ Bank talking up the prospect of a 10-minute mortgage in 2022. A spokeswoman for CBA, the country’s biggest bank, says the lender will launch its digital loan in the first half of the year.
“I think it will happen slowly, and then it will happen fast,” Cameron says of the disruption in mortgages. “The good banks will be able to keep up with these trends,” he says.
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