Mortgage Choice sets its sights on millennials

by Madison Utley02 Nov 2020

An aggregator has taken action to further future proof its lender panel with its newest partnership. 

Mortgage Choice has brought neobank 86 400 on board; Emma Dupont-Brown, Mortgage Choice general manager of product and corporate communications, unpacked how the group seems sure to benefit from the bank's “compelling proposition”.

“[86 400] being the first of the newly licensed digital banks with home loan and banking solutions means Mortgage Choice brokers will now be able to offer a completely digital home loan solution to their customers,” she said.  

“The world of banking and home loans has changed and fintechs like 86 400 are making a seamless home loan process more accessible. Australian consumers are savvy and expect to be able to do more online.”

Speaking to Australian Broker, Dupont-Brown explained the “primary reason” Mortgage Choice decided to partner with 86 400 was to help position its customer proposition for this increasingly digital future.

“We see this as a long-term solution to serve a wider range of customers, specifically those who are seeking a digital banking experience, such as Millennials and digital natives," she said.

“The bank has designed a highly streamlined home loan process, featuring fast turnaround times with unconditional approval within as little as two hours. The digital home loan process offered by 86 400 eliminates the significant amount of paperwork required to lodge a deal, which has long been a broker pain point.

“Our brokers are thrilled with this latest addition to our panel.”

86 400 home loans are available to purchasers, refinancers, owner-occupiers and investors, with fixed and variable rate options – both with redraw.

George Srbinovski, 86 400 national manager of broker distribution, expressed excitement over teaming up with the “iconic Australian brand”.  

“This new partnership allows us to help even more Australians take control of their money,” he said.

"We’ve turned the traditional home loan application on its head and we look forward to continuing to challenge the status quo.”

Mortgage Choice brokers have been able to offer 86 400 home loan products to their customers from 30 October following training and accreditation sessions.