Aggregator gives brokers access to digital home loan

In order to continue to provide its member network with innovative lending solutions, Purple Circle Financial Services has partnered with Australia’s first smartbank 86 400.

“As an aggregator, it is essential we partner with innovative lenders who offer a wide range of products and services to suit the ever changing lending landscape. This further ensures our broker members are both equipped for diversity and engaged for market change” said Mr Frank Paratore – Purple Circle Financial Services COO.

Mr Paratore further added, “Lending isn’t a one-size-fits-all situation. Clients have different requirements depending on their circumstances, and we are providing our members with a diverse panel of lenders to assist with attending to those client’s different requirements”.

“This innovative lender also enables our broker members to further bolster their relationship with not only their clients but also broader referral partnership groups.”

86 400 goes beyond just innovating across the application process for customers, it directly addresses some of the biggest pain points for brokers such as digital accreditation and creating a more equitable claw back provision with a step-down process. While current approval times from larger lenders have continued to slow amidst the current global turbulence, 86 400’s Own home loan can give brokers a yes or no decision in just a couple of hours.

George Srbinovski, National Manager Broker Distribution of 86 400 said “Signing this strategic partnership will help give Purple Circle and its customers access to the first and only digital home loan for Mortgage brokers.”

86 400 Own Home Loan fixed rates are at an all-time low starting from 2.24% p.a. (2 year fixed comparison rate: 3.02% p.a.*) for owner occupied principal and interest. Variable rates for owner occupied principal and interest start from 2.59%p.a. (comparison rate 2.87% p.a.*)

Srbinovski continues, “Brokers and customers want access to an application process which is straightforward, and we’ve done just that with approvals being turned around in just hours.”

86 400 remains the only newly licensed bank in Australia with both lending and everyday banking products in market.

*Comparison rates are calculated on a loan amount of $150,000 for a term of 25 years. These rates are for secured lending only. Comparison rates for variable interest only loans are based on an initial 5 year interest only period. Comparison rates for fixed interest only loans are based on an initial interest only period equal in length to the fixed period. Where the loan reverts to a variable rate after the fixed period, the comparison rate is based on an LVR of equal to or less than 60%.