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Ubank’s digital home loan process means faster approvals and refinance settlements. Its new FASTrefi product streamlines refinancing for brokers and customers, delivering confidence through quicker access to new home loans
What problems does ubank’s technology hope to fix?
ubank digitises the entire broker process resulting in much quicker approval times. Customers can experience speedy approvals, providing Australians with confidence when making one of the biggest purchases of their life.
We’re dedicated to helping more Australians succeed with their home ownership dreams by offering both speed and personalisation to our customers in a way they’ve never seen before. We’ve created an elevated digital experience where you can go from application to approval without lifting a pen.
Something else we’ve been working on is the launch of our new FASTrefi product. We’ve seen a huge resurgence in refinancing of late and are excited to offer this new product to the thousands of brokers we work with across the country and, more importantly, their customers.
How does this new product help brokers?
FASTrefi is a process that allows a refinance to occur very quickly (usually within days rather than weeks) after loan documents have been signed without the need to arrange a settlement with the Outgoing Financial Institution (OFI) before the refinance of a loan settles.
The benefits for brokers and their customers are significant. FASTrefi customers have a much better experience as their settlement takes place within days of returning signed loan documents. We believe rolling out FASTrefi is the final link to completing our fully digital process from submission to settlement, helping brokers streamline from end to end.
What are the key functions of this technology?
Customers who have previously taken the traditional refinancing route know that it can take several weeks and plenty of paperwork. FASTrefi is a streamlined refinancing solution that’s faster and simpler than the traditional process, allowing customers to settle more quickly. With a rising interest rate environment, brokers can access features of the new loan much faster, such as lower interest rates that will save their customers more money in the end.
How do brokers access it?
Brokers can access FASTrefi via Loanapp in their application submission. While it’s not available to every lender, we’re providing brokers with tools such as a calculator and FAQs to help them understand whether their customers are eligible for FASTrefi, giving them much-needed peace of mind as they embark on this process.
We also provide step-by-step guides that lead customers through the process and any actions they need to complete for a smooth refinance.
Why is technology/innovation in this space important?
As Australia’s first digital bank, ubank prides itself on offering brokers an innovative seamless and digital experience. Our technology platform allows us to provide automatic analysis of real income and declared expenses so customers are more confident in what home they can afford and how much they can borrow.
While we already offer unrivalled speed and personalisation, we’ve spent a considerable amount of time connecting with brokers to create a better experience and that includes rolling out complementary services, such as FASTrefi, to complete our broader digital offering.
As more innovations happen in this space, we’ll continue to look at incorporating new technologies to better serve our customers moving forward.
George Srbinovski
Head of Broker Distribution,
ubank
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