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Sydney’s Credit Mortgage Loan Modification Success Stories: Profitable Outcomes – “Digital mortgages accounted for 3-5% (of total mortgages) in 2021 in Australia vs. 30% of digitally originated mortgages in the US in 2020.”
The days of the ‘slow’ and tedious’ mortgage process are being faced with a number of Fintech companies with the big 4 banks (in Australia) actively developing solutions to improve the home loan application process.
Sydney’s Credit Mortgage Loan Modification Success Stories: Profitable Outcomes
This topic has been well covered in the press, so I’ll just highlight key points from a few articles to summarize the situation and market dynamic trends (in Australia)
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In my previous articles, I have written on the subject of lifestyle banking as a consumer value proposition for existing banking customers, to increase customer engagement, loyalty and share in banking – to become a mainstream bank.
For customer acquisition, innovation and the new battlefield is to provide a simplified, fast and easy application process in a digital package. This is to provide a significantly improved user experience with greater speed and convenience. The holy grail of digital mortgage is the ability to deliver a home equity loan in 10 minutes (conditional approval) versus weeks – a paperless, hassle-free experience.
Article Snippet 1 : Mozo “New lender Nano aims to shame the ‘antiquated’ home loan process with a digital spin”
According to research by Nano, one in two Australians said it took up to four weeks to get a home loan approved, while another one in five said it took up to two months.
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“If you’ve ever had a home loan, you’re probably familiar with the Inactive Figure and what it represents. Lenders are stuck in the past, drowning in paperwork, legacy technology and processes,” says Nano co-founder and CEO, Andrew Walker.
“There’s been no innovation for decades, which means the industry rests on old technology, old products, old processes, and ultimately that means the customer is still doing the hard work.”
“Until now, the fastest loan application to unconditional approval – meaning the completion of the application, credit assessment and identification process – was 9 minutes and 41 seconds.”
Banks are gearing up for a digital battle in the $1.9 trillion home loan market as new players eye younger, tech-savvy buyers looking to buy a home. Mortgages dominate the loan portfolios of the big four banks, generating industry-wide profits that analyst Matthew Wilson of Evans and Partners estimated at $20 billion a year.
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The challenge for banks is that younger customers, such as 31-year-old Anthony Lieu, are increasingly open to doing their banking online, opening up space for fintech companies. younger users are embracing digital finance, whether it’s payments, investment apps or cryptocurrencies.
Afterpay plans to start selling mortgages in 2022 through its recently launched banking app aimed at women in Generation Y (those born between 1981 and 1996) and Generation Z (those born since 1997). Up, a youth-focused neobank bought by Bendigo and Adelaide Bank in 2021, also plans to start selling home loans through its app in early 2022. Up launched in 2018 providing digital accounts – and in November said it had 40,000 home savings customers credit. Up chief executive Xavier Shay says its mortgage product will aim to win over customers by giving them financial advice – such as encouraging them to pay off their loan faster if it notices they’re saving more than they thought.
With other digital businesses such as REA Group’s realestate.com.au also targeting home loans, Starkey argues there is an opportunity for the company to “embed” financing more into the wider home buying process.
Nano’s co-founder and CEO Andrew Walker claims that COVID-19 has accelerated the shift to digital applications, claiming that digital home loans are “quickly becoming the norm”.
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“If you look at the global data, you’ll see that Australia is far behind the rest of the world, where currently less than 3 to 5 percent of mortgages originate digitally, compared to 30 percent in the US,” Walker says. to be a 3-5 year market shift, but we now believe this will happen over the next 12-18 months.”
A 2020 Finder.com survey suggested that more than half of Gen Y and Gen Z still want to visit a mortgage branch. The sharp increase in house prices in recent years has also made it even more difficult for many younger buyers to break into the property market.
But either way, there’s no doubt that digital home lending is emerging as a key battleground in banking — just as approval processes were a critical issue for lenders in 2021.
In their full-year results, each of the big four banks was busy talking about their moves to make mortgage lending more digital and faster, with both the Commonwealth Bank and ANZ Bank talking up the prospect of a 10-minute mortgage by 2022. A spokeswoman for CBA, the biggest bank in the country, says the lender will launch its digital loan in the first half of the year. In the long term, experts predict even more sweeping changes to mortgage lending than “open banking,” a system that allows consumers to securely share their financial information when applying for a loan.
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James Cameron, a partner at AirTree Ventures (which invested in Athena), says that in 10 years, getting a loan could be as simple as answering a few questions on a smartphone: your name, some proof of identity, the amount you want to borrow and the address of the property .
Article Excerpt 3: Sydney Morning Herald, “Banks beware: Fast, cheap loans to disrupt $1.9 trillion mortgage market”
Recent trends suggest disruption is afoot in a sector that is unglamorous but extremely financially significant to investors and consumers: the $1.9 trillion mortgage market.
A case in point is US digital lender Rocket Mortgage, a $US39 billion ($50 billion) company that grew its market share from 1.3 percent in 2009 to about 9 percent by the time it went public last year.
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Many have tried to disrupt housing lending in similar ways in Australia, with limited success. But Wilson argues that banks will face a key competitive battle against non-bank lenders such as Athena Home Loans and Nano, which use technology to deliver fast, low-cost mortgages through online channels. He says that in the next three to five years, the mortgage market could experience the kind of disruption that Uber has caused to taxis.
Nano, the digital lender founded by former Westpac executives Andrew Walker and Chris Lumby, claims it has a fully digital process that can complete approval for lower-risk loans in less than 10 minutes. Walker says Nano is able to issue such quick approvals because it uses algorithms to scan customers’ bank information, rather than requiring payslips and bank statements. It also targets lower risk loans. The premise is that automated approvals are disruptive because they’re not only more convenient for buyers, but also dramatically cheaper for the lender.
At the very least, the home loan market appears to be on the cusp of a wave of digital innovation aimed at simplifying loan applications. The 3.85% cash rate set by the RBA is being questioned by some economists and the bond rate market is resetting.
‘Inflation’ and ‘whatever it takes’ were the key points in the RBA commentary, so brace yourself for a bumpy few months ahead!
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Christian will be working with some of our newer partnerships in town, say hi if you’re in the office.
Banks are fighting hard through cashbacks and rate discounts to win new business and retain business in equal measure.
Banks are refocusing on deposit markets with attractive customer offers to maintain the health of their primary debt financing.
This ability of ADI to finance debt at lower levels will keep large companies on the bench offering good credit loans with the best interest rates.
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Our non-bank lenders that rely on securitization for funding will need to continue to adjust products, policies and credit solutions to succeed in getting business.
This is evident when looking at the “progressive” servicing criteria for lenders such as Liberty winning clients who are no longer able to demonstrate affordability with the big banks’ 8% servicing rate. Liberty’s servicing rate of 6.95% offers a great home for a prime borrower who needs to restructure their loans.
This positive increase in people getting ready to buy was influenced by the high value of the house.
As households review budgets and instruments, will this result in sales of investment properties to recapitalize balance sheets, or has the increase in rental yields bought time for investors with high levels of debt?
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Thanks for a great evening with everyone! I’d also like to congratulate again the winners of our fun pool competition: Ben Shepherd and Tony Lu! Mortgage captives are considered borrowers who are unable to refinance their current loan and, if they were able, would improve their financial situation due to the ability to access market-level rates.
One in five NAB customers is considered a mortgage prisoner, according to the bank. The term ‘mortgage prisoner’ generally refers to households that cannot refinance out of less desirable mortgage debt
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