Bendigo and Adelaide Bank achieved a robust turnover in its digital home loan product BEN Express over the past financial year, indicating a strong urge among borrowers to go digital.
According to the lender, it recorded 178% growth in customers under the BEN Express home loan product, which was powered by Tic:Toc and one of the first fully digital loan offerings in Australia.
Bendigo and Adelaide Bank chief customer officer for consumer banking Richard Fennell said the momentum in the digital channel reflects the demand from borrowers for a home loan that has a quick online approval at a competitive interest rate.
“As one of the first banks in the country to start offering a fully digital home loan thanks to our close ties with Tic:Toc, we now have four years of experience to paint a clearer picture about this important market,” he said.
Over the last financial year, BEN Express saw more than 1,000 lodged applications, with $50m in lending secured.
“However, it is always important to remember that for most of our customers, digital is never going to replace face-to-face banking, an area we know Bendigo and Adelaide Bank thrives in,” Mr Fennell said.
Around 54% of all home loans lodged under Ben Express were for refinances while the rest were for new loans.
Nine in 10 of the approvals were for owner-occupiers while only around one in five are first-home buyers.
BEN Express is most popular among applicants under the age bracket of 35 to 44 years old.
In terms of location, close to two in five applications were from Victoria.
—
Photo by PhotoMIX-Company from Pixabay.
Collections: Mortgage News
Share