Opinion: While it may not warrant an entry into the Guinness World Records, in the sphere of Australian banking Westpac is clearly looking for a medal for its accomplishment, writes Elizabeth Knight
That said, there could be a call for the judges to adjudicate on this claim because all four of the big banks have announced they are working on similar “fast-tracked” digital mortgages with slightly varied technology features, marketed through different channels and available to different borrowing groups.
The first crop of applications will need to be from individual customers who are refinancing loans. They will need to be wage or salary earners, have 20 per cent equity in their property and owner occupiers – in other words the vanilla, uncomplicated and low-risk borrowers. The plan is to roll it out more widely next year.In banking circles the time taken to approve loans is referred to as “time to yes” and it’s a hotly contested area.
Competing on rates will also be equally important, with customers looking for the best deals as they confront significantly higher interest rates.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Westpac joins 10-minute mortgage raceThe bank said a new home loan approval system would be integrated into its core IT system and offered to customers, allowing it to surf the refinancing wave.
Read more »
The unsuspecting borrowers now facing a mortgage cliffAustralians who fixed their mortgages at super low rates are now confronting punishing repayments.
Read more »
Westpac to merge 100 branches in the next 18 monthsWestpac said more St George, BankSA and Bank of Melbourne branches would be “co-located” with its main brand, a move designed to save costs and maintain access.
Read more »
AWS exec returns to EY as partnerDiana Malcomess will become a partner in EY’s firm’s digital and emerging technology from next month.
Read more »
Westpac threatens to cut lending to oil, gas, cementWestpac will cut the volume of emissions it finances from the oil and gas sector by nearly a quarter by 2030 in absolute terms and will only consider financing new greenfields projects that meet strict criteria.
Read more »
Westpac gets serious about simplificationOPINION: A quarter-century after taking over Bank of Melbourne and 14 years after buying St George Bank, Westpac is allowing customers of those banks to use its branches in a move towards simplification.
Read more »