The “social-distancing-friendly” home loan

by Madison Utley03 Apr 2020

Each day seems to usher in new rules and measures introduced to slow the spread of COVID-19, pushing brokers to adapt their methods to interact with customers in a world that has essentially become contactless.

The home loan process at neobank 86 400 was crafted in such a way as to be a “social-distancing-friendly solution” to brokers during this unprecedented time.

“The entire home loan process can be managed electronically, from remote ID checks to expense and income data collection and signing online forms,” said 86 400 home loan lead Melissa Christy.

Collecting the data electronically also allows applicants to view where they stand financially before they make a huge financial decision, especially helpful during this unique and challenging time. 

To abide by Verification of Identity (VOI) rules for property transactions, 86 400 relies on technology from MaxID.

“What happens with that is the applicant can nominate someone else to do the face to face identification, so it doesn’t have to be the broker,” explained Christy. 

“Joint applicants can identify each other. A single applicant can nominate a next door neighbour or friend, who would need to see them, but could keep their distance. They’re simply taking a photo of them. Then, they can just cite their driver’s licence or passport. 

“All it takes is a mobile phone. The photographer can stand two metres away from the applicant and take the photo on their own device – you don’t even have to hand yours over.

“The simplicity of this process replaces what a lot of other lenders are using. We’re well set up for this type of environment. Not that this was planned [for COVID-19], but we were designed to be a digital end to end process anyway.”