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The digital lender has joined the lender panel of FAST, making its products available to 1,200 brokers.
NAB-owned neobank 86 400 has announced a new strategic partnership with aggregator Finance and Systems Technology (FAST, part of the Loan Market Group), which will bring it onto the aggregator’s lender panel.
As such, the 1,200 brokers aggregating under FAST can now access the neobank’s Neat and Own home loans, including its new 85 per cent loan-to-value ratio (LVR) pricing tier for owner-occupied (OO) borrowers (which also removes the need for borrowers to pay lender’s mortgage insurance (LMI)).
FAST CEO Brendan Wright said the addition of 86 400 continues the aggregator’s commitment to “propel its thriving broker network”.
Mr Wright said: “FAST’s partnerships with lenders are strategically aligned to our goal of providing our brokers with the best products and resources to service their customers.
“Welcoming 86 400 to our lender panel supports this goal, enabling our brokers to provide their customers with more choice and flexibility when it comes to applying for a mortgage digitally and beginning their home ownership journeys.”
George Srbinovski, head of broker distribution at 86 400, also commented, stating: “Partnering with FAST means we’ll be able to help even more brokers and their customers secure a smarter home loan.
“We’ve experienced incredible momentum in the mortgage space this year, and with FAST on board, we look forward to building on this further.
“With next to no paperwork, brokers and their customers are always so surprised by the speed and absolute ease of our digital home loan application process.”
Indeed, according to the most recent Broker Pulse report, which sought to understand the collective lending experiences of residential mortgage brokers over the month of July, 86 400 continues to be the fastest “small ADI” (a bank with less than 20 per cent broker usage).
Small ADIs as a whole were reaching initial credit decisions in their speediest time since June 2020, at 7.1 business days, with brokers telling Momentum Intelligence that 86 400 was deciding on broker-lodged applications within three days.
The latest survey, which received 243 responses from Broker Pulse members between 1-10 August 2021, found that brokers had continued to see improvements in turnarounds during the month of July across all lender segments.
According to the data, the average time to initial credit decision across all lenders was down to an average of eight business days in July 2021, its fastest time since the pandemic first hit (March 2020).
[Related: Neobank removes LMI up to 85% LVR]
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