Promoting itself as Australia’s first “smartbank”, we’d like to introduce you to 86 400, a new bank that’s entered the lending arena offering a commitment to helping customers be more in control of their banking and achieving overall financial wellness.

So, what does their name mean? As there are 86 400 seconds in a day, their charter is to ensure Australians feel in control of their money every second of every minute of every day. In addition, they pride themselves in operating a sustainable and responsible business that does not invest in or lend money to environmentally unfriendly companies such as the fossil fuel industry.

How do they stack up as a lender?

The Rates:

The NEAT Home Loan is their basic product offering no ongoing fees, unlimited free redraw and variable rates starting from 2.19% (comparison rate 2.20%)

The OWN Home Loan is their packaged product which allows up to six offset accounts that may be in single or joint names, has the package fee waived for the first year and has rates staring at 2.39% (comparison rate 2.68%)

The Policy highlights:

• No Postcode restrictions on security properties.
• High density and inner-city post codes
• Up to 10 hectares zoned residential or rural residential.
• Cash out up to $100,000.
• Will consider both Casual employment and if on Probation.
• Will do up to 35 Year loan term.
• Up to 6 different offset accounts may be available.

The Process Highlights

• Their fully electronic application submission platform means little or no documents are required.
• Applications are signed digitally via their Loanapp platform.
• Identification requirements are satisfied digitally
• Living expenses and income captured using Smart Statements technology
• Application signed vis DocuSign
• Loan offers are issued within 48 hours electronically and signed digitally.

If you are looking for a lender who is committed to providing an efficient and streamlined process with competitive rates and products, 86 400 may be a worthwhile option to consider, particularly if you are ready to move away from conventional lenders with their cumbersome processes.

Contact the Blackburne Mortgage Broking team for more information about this or any other lender or product you may be interested in, whether you are looking to purchase or refinance to a great deal.