Better Choice revamps lending process

by Gerv Tacadena18 Dec 2020

In a bid to reduce the paperwork of its broker network, Better Choice Home Loans has announced a partnership with NextGen.Net, allowing the non-bank lender to integrate new compliance technology into its online platform.

The technology upgrade will help make Better Choice's ApplyOnline platform more digitalised and help to streamline processes for the group's brokers.

Allan Savins, executive director at Better Choice, said the adoption of NextGen.Net's technology is part of the lender's goal to achieve a more complete ApplyOnline application experience.

"We have set a target of 48-hour turnaround times, which will allow the process to be much simpler for brokers as we look to set a new benchmark for service in the industry," he said.

Savins added that Better Choice has reduced the number of pages in its PDF Preliminary Assessment form with its digital application process, requiring less paperwork outside of the system.

"Further improvements will be coming in early 2021 which involve more forms being able to be dynamically prefilled. We want the process to be much simpler for brokers as we look to set a new benchmark for service in the industry," he said.

Better Choice has been busy this year improving its services and products for consumers, especially with the impacts of the COVID-19 outbreak. Recently, it has launched a home loan product designed to assist self-employed borrowers who are financially struggling due to the pandemic. Earlier this year, the group also launched a new mortgage product for non-residents.