Media Release

An innovative new online service that enables customers to submit a home loan application via their smartphone or tablet, with real-time feedback, has been launched by BankSA.

Featuring fingerprint and face ID authentication through the BankSA mobile app, the new state-of-the-art technology gives homebuyers a personalised home loan snapshot in real-time.

This will provide real-time feedback about how much they could borrow, any upfront costs and monthly repayments, and our best interest rate they can have based on their personal situation.

Coinciding with new research that shows one in five South Australians (20%) are so daunted by the traditional home loan application process that they would prefer to visit the dentist or sit in peak hour traffic, the convenient new digital home loan application service has been developed to combat common frustrations and simplify the process.

BankSA Chief Executive, Nick Reade, said the new online home loan application is the result of innovative thinking and cutting-edge technology that serves to streamline the home loan application process for homebuyers.

“Our research estimates that 2.2 million Australians plan to buy their first home in the next five years, yet nearly half (48%) of first homebuyers admit they’ve put off buying a home because the traditional home loan application process is too daunting,” Mr Reade said.

“To remove some of these pain points and simplify the process, we’ve created an innovative new online option that is easier and faster for homebuyers.

“Customers can submit their home loan application online using their smartphone or tablet, with the ability to do it at their own pace at times that suit them – whether that be on the couch or on the bus.

“We understand that our customers need flexibility and many want to use the latest technology to get immediate feedback.

“As soon as you’ve completed the online application, the service will tell you the maximum amount you could borrow inclusive of costs, provided the information you’ve told us is correct” said Mr Reade, “and importantly, our customers can be assured that they will receive our best available rate, with no need to second guess if they’re getting best value.”

Most helpfully, potential buyers will have a clear snapshot of how much they could afford to borrow, in addition to their requested amount.

“And if you’ve found the perfect property or are refinancing an existing loan, you can also now access a real-time bank valuation to give you confidence we will lend against the property.”

Customers can also access the latest property insights from national property data firm CoreLogic through the platform. And anyone who needs help with their online application can connect with BankSA home loan experts for additional support seven days a week via live chat or over the phone.

For more information, search ‘Bank SA home loans’ or go to: www.banksa.com.au/homeloans