The Benefits of The Online Home Loan Application Process

Angela Moss0

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Couldn't we all use some extra convenience? Well, if you are looking to purchase your dream home, investment property, or refinance your loan, read on to find out how applying for a mortgage online can take the stress out of the home loan process.

At YouBroker, we believe that the mortgage application process for Australian borrowers is still too slow, confusing, and complex. Especially for first-home buyers, savvy investors, and the self-employed.

In Australia, many lenders and mortgage brokers have moved their processes partly (not fully) online.

So at YouBroker, we’ve set out to design and deliver a more convenient, online mortgage broker platform. It allows you to see, drive, and control many components of the mortgage process.

We employ cutting-edge approaches to technology, design, and data to make the experience smoother for you.

In this article, we’ll look into the benefits of doing a home loan application online with an online lender, or mortgage broker, like YouBroker.

What Can You Expect From The Online Home Loan Application Process?

We‘ve all become accustomed to the convenience that online services provide. We love our online shopping, and most Australians use online banking. And with the pandemic, we all leaned on online services to continue to run our lives.

So, why should applying for a home loan be any different?

These days, you don’t have to go through the hassle of finding a branch, or office to fill out paper forms. Increasingly, mortgage brokers, lenders, and loan specialists are offering online home loan applications.

With the use of modern technology, you can get quotes, compare loans and offers and undertake the entire application process online. This includes ID checks and supplying your supporting documentation.

Getting a bank home loan online is convenient, quick, and hassle-free!

There are three massive gains to be made from applying for a mortgage online. Here are some more reasons online mortgage lending should be your choice:

  • Convenience - There’s no need to adhere to branch or office opening times. Apply at your own convenience.
    With a simplified application process, online home loans offer paper-free applications you can complete in the comfort of your home and get a reasonable quote much faster.
  • Save you time - You no longer have to travel to branches or wait for the drawn-out processing times of paper applications. Get home loan pre-approvals sooner so you can get cracking on hunting down your dream home.
  • Save you money - Online application services make it easier for comparing home loan offers and quotes. This makes finding the best loan and interest rate for you a whole lot easier. And can potentially save you thousands.

So with that, let’s dive deeper into the benefits that applying for a mortgage online can offer you.

What Are The Benefits Of An Online Home Loan Application?

Getting an online mortgage could offer you the cheapest interest rates out there since the processes are streamlined. This can potentially save you thousands of dollars in costs and allow you to choose the home of your dreams with no financial worries.

Compared to getting a home loan in the traditional way, online mortgage applications offer a whole host of perks and benefits. Let’s break them down:

Digital home loan transactions give you more control over your application.

Because everything is done online, you will get access to the most up-to-date information. This allows you to more accurately compare interest rates, understand your loan options, and make better choices. You can also track the completion and settlement of your online home loan with ease, from start to finish.

This puts the power in your hands. Online home loan applications offer you more flexibility in making financial decisions from the convenience of your smartphone or computer.

You receive better real-time support.

In the past, home loan applicants needed to do multiple follow-ups before getting the support they needed. As online mortgage applications have grown in popularity, you now have the option to get in touch quickly, receiving help via email, chat, or call from a dedicated support team.

Digital mortgage services use technology and smart processes to provide support more efficiently. Ask questions and receive answers in real-time. Ask for assistance in negotiating your desired rate. Receiving assistance during and after service is one of the perks of getting an online mortgage.

You have access to digital tools to help you in your decision-making.

The pandemic has brought about significant changes to how financial institutions operate. These changes are designed to facilitate bringing in offerings more conveniently and quickly while providing contactless customer service.

Choosing to apply for an online mortgage gives you a more interactive and automated experience. Take advantage of online mortgage calculators and virtual customer portals. Easy-to-access tools can help you qualify, apply, and get approved for a home loan with reduced processing times.

Like any other financial decision you make; it is important to do your homework in choosing the best home loan option. It would help to read reviews, do your research, and consider your long-term goals and your current lifestyle to make sure you get the best deal possible.

The Benefits Of Using An Online Mortgage Broker Over Applying With A Lender

A good online mortgage broker will take all the hassle out of applying for a home loan. Brokers act as a go-between, liaising with banks and lenders on behalf of you, the borrower.

Mortgage brokers are required by law to act in your best interests and only suggest home loan products that suit your financial situation. Mortgage Brokers are also required to educate you on the pros and cons of the home loan options provided. Including information on policies, requirements, repayments, and other facts.

So if you want the benefit of a knowledgeable home loan specialist on your side, working with a reputable mortgage broker is a great choice. A mortgage broker can take the overwhelm out of comparing lenders, home loan products, and wading through all the different terms and policies on your own.

What Are The Benefits Of The YouBroker Online Home Loan Application Process?

Working with an online mortgage broker can take a lot of the stress out of the home loan application process. Mortgage brokers will do a lot of the legwork for you in finding the right type of loan. And also, help you navigate the confusing world of mortgages and real estate purchasing.

But here‘s the thing... To get the ultimate benefit, it’s important to make sure you’ve employed the services of a good online mortgage broker.

At YouBroker, we pride ourselves on offering Australian borrowers a hassle-free, convenient service powered by modern technology, and design.

Here’s what makes our services a great choice for Aussie home buyers looking for convenience, great interest rates, and knowledgeable advice:

We offer a simple, streamlined application process.

No more need to fill out multiple application forms! When searching for the perfect home loan, you may find yourself filling out endless repetitive home loan application forms.

But with YouBroker, you’ll only need to fill out the one form to access many lenders.

This includes big major banks, such as:

  • Commonwealth Bank
  • NAB
  • ANZ,
  • Westpac

YouBroker also offers access to banks that are large, but smaller than the four major banks. These include:

  • Bank of Queensland
  • Macquarie Bank
  • AMP Bank
  • Virgin Money
  • ME Bank
  • UBank (was 86:400 Bank).
  • Suncorp
  • Citibank
  • and Bendigo and Adelaide Bank products, too.

When we designed the YouBroker website app, we wanted to ensure that you did not have to “repeat yourself”. No one likes entering in the same details over and over again! So, the values and information you tell us are carried into the key fields.

For example, if you told us you were looking for $550,000 of investment lending, on your $925,000 valued property, we carried that over into the Rates Search feature by pre-filling those values for you.

The problem with comparison sites...

Did you know that the business model of comparison sites is to sell your data? And that they are not actually accredited with the underlying lenders?

While looking at rates and products is a nice feature, these sites are selling off your enquiry and click data to lead generation companies, or to lenders directly. This means your phone and email inbox will most likely get bombarded with a tone of annoying sales follow-up calls.

What you really wanted was some answers to your questions, right? You didn‘t want 15 plus sales follow-ups made. For them, it’s a numbers game.

And Australian consumers know this. Many times, a person looking around for a mortgage (for purchase or refinance) will visit several sites, and make several enquiries. But why?

We believe this is because it’s hard for you to get actual insights and answers easily with other services. So, sending out a bunch of enquiries and hoping for the best is what most people do.

Well, YouBroker aims to take away the need to send out a bunch of enquires by being a safe, secure mortgage platform for you to store and sync your mortgage borrowing profile.

And yes, you will also see the rates, discounts, LMI deals, and cashback deals from all the major banks and a wide selection of lenders.

Now let‘s look at accreditations. Accreditation with a lender, such as a NAB or ANZ, means your company (and/or the individual broker) has jumped through the hoops to be formally accredited with that lender. Generic comparison sites are not accredited. Because of that, they:

  • Simply sell you as a “data lead” to make money off you. The Finder owner has made millions that way.
  • They might know the interest rate of the product, but...
  • They do not know the lender policy ins and outs.
  • They do not have inside access to the lender tools, portals, and pricing requests.
  • They do not have lender access to manage you through the end-to-end process and work through any tough spots at approval and settlement.
  • They are not able to give you personal credit advice, instead, it’s ‘general advice’.
  • And even then the general advice content they write up is really generic content with little or no hands-on experience behind it. And it may have been written by people who are not located in Australia (i.e. many are UK based). You usually can’t put much faith in it.

While comparison sites had their place, its time to move beyond them.

YouBroker helps you do that with a secure, personal approach delivered online. We want you to have the tools to control your home loan like a boss.

We want to make comparisons easy and safe.

Going to just one bank is not a great move. Often, the rates will change on you and the service can be pretty patchy.

YouBroker makes comparing home loans easy, by reducing the friction of going back and forth to all these different (and generic) comparison sites. And as you know, comparison sites are selling off your data, including your name, email, phone number, and perhaps your home address. Eeeek!

When you use the YouBroker platform you will see our Rates Catalogue which shows loans from 49 lenders. You are able to sort, filter, and shortlist the loans you are interested in.

You can save those loans to your profile, and come back to them later.

Perhaps you are a parent, and juggling taking care of the kids and want to come back to the mortgage application later that evening. No problem - we’ve got you covered.

Just save your progress, and shortlist the loans you want to check into.

As accredited brokers, we check over your choices, to make sure they are suitable and that you are eligible for the loans you are most interested in. Plus, we suggest any other matches we think could be better options.

An online loan tracking portal.

When you apply with YouBroker you’ll get access to the YouBroker secure online portal. The portal will allow you to save your personal profile and come back to complete it later, at your convenience.

We‘ve got your back with secure HTTPS/SSL and One Time Password Security on AWS hosted secure servers and our secure data partners.

Avoid branch visits and complete ID checks faster online.

YouBroker has the capabilities to assess and verify your ID online. You won’t have to take time out of your busy day to visit a branch or office for verification purposes.

Instead, we confirm your identity and credentials online with our FrankieOne and Equifax integration.

We are able to confirm your identity match directly with the Australian Government DVS database. That means you can avoid inconvenient branch or office visits, and instead get identity and KYC checked online, from either your mobile or laptop device.

Smooth and convenient communications.

At YouBroker, we’ve invested in technology, User Experience (UX) design, and communications to make all stages of the online mortgage application process easier for you.

We know that regular updates are important, especially at key milestones including when you get:

  • Home loan pre-approval.
  • Property valuation (was it what we expected? it’s always important to know!).
  • And of course, leading up to, and including settlement!

We‘ve also developed helpful eBooks and guides to assist you through the home loan application process.

And, when you have questions, you will have access to book in a consultation to go through any loan scenarios or questions you may have.

Fully Accredited and Reputable

When looking for a mortgage broker, it’s important to check that you’re working with a reputable professional. But with YouBroker, you can rest assured.

YouBroker has an Australian Credit Licence with ASIC, the Australian Securities and Investments Commission. We’re also members of the peak industry association, the Mortgage and Finance Association of Australia (MFAA).

When you work with YouBroker, you are getting expert advice and service from trained home loan specialists. All our brokers are fully qualified.

Knowledgeable and experienced professionals.

We can walk you through the entire real estate buying process as well as find you a great home loan. We love nothing more than getting you into your dream home as quickly as possible.

We can provide you with expert advice to assist you with:

  • What you’ll need to prepare your supporting documentation. From bank statements, credit card information, payslips, tax documentation, ABN information... We‘ll make sure you‘re prepared and informed.
  • Navigating complex home loan applications. If you’re self-employed, have a contract or casual employment, or have experienced credit issues, we can help you to reach your homeownership goals.
  • Matching you with banks and lenders from our vast network who have suitable lending criteria for your individual financial situation.
  • Budgeting and completing living expenses applications.
  • Understanding the whole house buying and home loan process if you‘re a first home buyer. We can give you the low down on the First Home Buyer Super Saver Scheme and help through every step of the way.

The Wrap Up

Employing the services of an accredited and reputable online mortgage broker, like YouBroker, means that a lot of the back and forth is taken off your plate. You’ll have fully accredited, trained finance professionals working to find you the best deal. And you’ll get expert knowledge and advice to boost your financial situation and reach your property goals sooner.

And with the fully online process, you can kick off your application at your own leisure. The pros of applying for a home loan online with a mortgage broker are many.

And the cons? Well, if you don’t like the idea of saving time, getting a lower interest rate on your loan, and having a team of experts on your side... Then I guess it’s not the move for you.

Interested in more real estate, lifestyle, and finance content? Check out more of YouBroker’s articles here:

Next Steps

Want to take the overwhelm out of hunting for a home loan? YouBroker can make that happen.

At YouBroker, we believe that your journey to homeownership shouldn‘t have to be a confusing and uphill battle.

We've designed our processes at YouBroker to remove the hassle from home loan applications. We want to help you settle into your new home quickly.

You can rely on our team of expert mortgage brokers to help you get the best interest rate and home loan to suit you. We provide complete services to make your home application experience as smooth as possible.

Here are just a few ways that we can help you:

  • Assess your financial situation from your credit score to valuations and assets and liabilities.
  • Work out your borrowing power and what type of loan amount you could expect.
  • Talk to you about your personal objectives and give you advice on how to get there.
  • Walk you through the supporting documentation you’ll need.
  • Provide you with great rate home loan options by comparing offers and deals from our vast lender network.
  • Explain all the lingo and how it relates to your situation, such as conditional approvals, pre-approvals, variable rates vs fixed rates, loan-to-value ratio (LVR), lenders mortgage insurance, etc...

Are you interested in a hassle-free home loan experience? We‘d love to hear from you!

Try YouBroker today, create your profile and see your best mortgage options!

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For the best, most personalised results please fill in your personal financial information. Lender credit criteria applies, so we want to ensure you qualify for the best home loan based on your personal financial situation. Comparison Rates: Any quoted comparison rate is only true for the example given and may not include all fees and charges. Different terms, loan amounts or fees may result in a different comparison rate. Comparison rates are based on a loan amount of $150,000 over a loan term of 25 years.

YouBroker is a mortgage booking practice, privately owned and operated in Australia. Our goal is to help Australians find their best home loan as fast and as easily as possible. We are ASIC licenced and are full members of the Mortgage and Finance Association of Australia (MFAA) and the Australian Financial Complaints Authority (AFCA). More details are available within our Credit Guide and Privacy Policy.

Our lending panel has over 49 lenders, which allows us to give you amazing home loan options - however no one firm can cover the entire market and there may be other features or options available to you.

Digital Mortgages Australia Pty Ltd (ABN 646 462 71972). ASIC Authorised Corporate Credit Representative Number 536205 of Australian Credit Licence No. 384993. ABN: 84579002702. Address: 2/23 Foster Street Surrey Hills NSW 2010 | Ph: 1300 733 942

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