The 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.
but it has not yet materialised. It is expected to hit the market at the end of the year but will not be part of the main ANZ mortgage offering and instead involves a separate ANZ Plus brand and system.
In contrast to CBA and ANZ, the product has been integrated into the core NAB home lending platform. NAB says it is approving about one-third of customers unconditionally in less than an hour. It is being used by its bankers and some brokers but has not yet been provided direct-to-customers like Westpac is preparing to do.
“As interest rates go up, there will be more customers looking at their mortgage and potentially refinancing. This is a response to what is happening in the market more broadly and improving the customer offer,” Mr King said. “Having it launched soon is the right priority.” Westpac does not plan to offer customers using the process lower rates, in contrast to CBA’s Unloan offer that was priced at 30 basis points below its lowest variable rate. Westpac does not see it as a specific product but part of its broader mortgage offering.The move shows major banks are quickly catching up to fintech brands such as Nano, Athena and Tic:Toc, which have been built on fast mortgage origination systems.
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