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A Digital home loan is also known as an online home loan, is a type of loan that is offered entirely online, including the application process. They are typically proposed by digital lenders and enable you to complete the application process digitally without visiting a branch and with no physical documents.
You can apply for a Digital Home Loan through a mortgage broker who can go through the online application with you or directly with a lender that provides this type of product.
There are several benefits to consider when applying for an online home loan:
Competitive Interest Rates. Many lenders can offer low-interest rates due to less overhead of operating branches and processing applications more efficiently.
Simplified Application Process. Since the entire process is online, there is less hassle for going to the branch location to verify ID in person or sign the documents. You can do all verification and documentation in the comfort of your home.
Whilst there are several advantages to going with digital home loans, there are a few risks to consider:
Limited Products. Online mortgages are relatively a new product. They do not provide all types of borrowers as not all types of home loans are accessible. For instance, a low doc home loan or loan for self-employed is not available.
Lending Guidelines. Most online lenders are less likely to approve mortgages with higher perceived risk to the lender and have strict lending terms.
Digital home loans can be versatile and are typically available for people in different situations, providing solutions for investors, first home buyers and even people looking to refinance their ongoing home loan.
It is critical to recognise that online loans do not offer face to face meetings or branch services. You will also need to be comfortable using the internet to complete the application process.
However, if you are interested in a digital home loan but do not want to go through the application process alone, our mortgage broker can help you with advice throughout the process. Even we can do all the legwork in locating and applying for the most suitable home loan for you – whether it is an online loan or not.
Jammaya purchased an investment property in Queensland. She’s taking advantage of our HiLo investor loan product which enables clients to get a 0.75% interest rate on their owner occupier home loan! Many clients are saving thousands per year with this amazing investor-only deal!
Leoni completed a purchase agreement for her first rental property. She secured a fantastic interest rate and her new property is optimised for maximum tax deductions.
“I was offered the rate, checked it with my bank, went into another branch and no one could match it!”
Jammaya purchased an investment property in Queensland. She’s taking advantage of our HiLo investor loan product which enables clients to get a 0.75% interest rate on their owner occupier home loan! Many clients are saving thousands per year with this amazing investor-only deal!
Leoni completed a purchase agreement for her first rental property. She secured a fantastic interest rate and her new property is optimised for maximum tax deductions.
“I was offered the rate, checked it with my bank, went into another branch and no one could match it!”
Jammaya purchased an investment property in Queensland. She’s taking advantage of our HiLo investor loan product which enables clients to get a 0.75% interest rate on their owner occupier home loan! Many clients are saving thousands per year with this amazing investor-only deal!
Leoni completed a purchase agreement for her first rental property. She secured a fantastic interest rate and her new property is optimised for maximum tax deductions.
“I was offered the rate, checked it with my bank, went into another branch and no one could match it!”