A neobank recently launched with the intention of being “a genuine alternative to the big four banks” has secured national distribution with one of the largest aggregators in Australia for its soon-to-be-unveiled home loan.
The partnership between 86 400 and Vow Financial – part of the Yellow Brick Road (YBR) Group – will see the neobank's loans distributed by a network of more than 1,200 brokers. It will also see the digital bank come much closer to rolling out its home loan product as soon it is granted a full banking licence from APRA.
86 400 CEO Robert Bell explained, “We didn’t set out to create a standard home loan product.
“We are building an entirely new approach to the home loan process that will make life easier for brokers and deliver better value to customers.”
According to Clive Kirkpatrick, GM of YBR Group, 86 400 is “completely transforming the home loans process.”
“We look forward to continuing to work with 86 400 to provide Aussies with better value when it comes to buying a home,” he continued.
The news follows other “key partnerships” announced by the neobank, such as with leading mortgage application software providers Simpology and Loanworks. Both have been integrated with 86 400 and are currently in testing.
“Mortgage brokers have long driven competition and choice for consumers and we’re excited to be on the panel of lenders of Vow Financial, one of Australia’s largest aggregators,” concluded Bell.