E-loans boom for Aussie

Aussie Home Loans has passed the $8 billion milestone with 30,000 loan applications made by its 580 mortgage advisers across Australia using electronic applications platform.

Aussie now has 14 of its panel of 18 lenders on the platform, which simplifies and accelerates the home loan process - allowing mortgage applications to be submitted electronically and approved through the mortgage adviser's laptop computer within minutes during the interview with Aussie's mortgage adviser.

Aussie expects e-applications will make up more than 75 percent of all home loan applications the company provides this year.

The technology is providing faster loan approvals - within minutes - less paperwork, greater accuracy in the application and document preparation process, as well as eliminating the need for borrowers and their brokers to provide follow-up data.

John Symond, Aussie founder and managing director, said through the use of the broker laptop system, banks are receiving electronically delivered data and more accurate application forms, thereby removing the need for the bank to go back to the broker in the field to ask follow-up questions.

"Borrowers are gaining a huge advantage through the use of our technology platform, allowing faster approvals from the lender within minutes via e-mail and SMS messaging, rather than waiting for days by manual fax," he said adding that Aussie combines its electronic lodgement capability with this own Mortgage Explorer software.

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