CommBank has rolled out an optimised digital functionality that will ease the stress points of refinancing, allowing borrowers to accomplish majority of the process online.
The newly optimised digital refinancing process allows borrowers to not only apply online but also complete additional steps such as identification verification, consent, serviceability, and credit assessment.
With the revamped digital functions of the CommBank platform, borrowers will also be able to connect with a home lending specialist to finalise their application.
CommBank executive general manager for home buying Dr Michael Baumann said the enhanced functionality helps to make the process of refinancing simpler and faster for the bank’s customers.
“The improved self-service functionality means that when a customer is connected with one of our home lending specialists, we are able to progress applications more quickly because we have most of the required information to assess a customer’s suitability for refinancing,” he said.
Dr Baumann said retaining the role of lending specialists is crucial in adding value to the bank’s clients.
“Our research found that close to one in five Australian homeowners would consider refinancing if they could talk to a lending specialist for support along the process,” he said.
Convenience to encourage more Aussies to refinance
CommBank’s move to optimise their digital refinancing process builds on its recent study, which found that one in three Australian homeowners would consider refinancing if the process was simple and fast.
Features such as the ability to pay of loan sooner and make changes to repayments are also some additional features that would make more Australian homeowners consider refinancing.
Meanwhile, three in four borrowers are looking for more flexibility in their home loan.
Specifically, around half of all borrowers wished to reduce interest by having multiple offset accounts, while over a third preferred the option to adjust their repayment date to coincide with their paydays.
Additionally, around 30% of borrowers expressed interest in the convenience of being able to modify their home loan repayment frequency and amount through online platforms or mobile apps.
Buying a home or looking to refinance? The table below features home loans with some of the lowest interest rates on the market for owner occupiers.
Lender Home Loan Interest Rate Comparison Rate* Monthly Repayment Repayment type Rate Type Offset Redraw Ongoing Fees Upfront Fees Max LVR Lump Sum Repayment Extra Repayments Split Loan Option Tags Features Link Compare Promoted Product Disclosure
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