What to expect from securing a digital home loan

December 7, 2022

Taking out a home loan in 2022 should be simple, right? But for anyone who has worked with a traditional lender or bank, you know how much paperwork and manual admin it can involve. From visiting branches to signing agreements in person, this slow, old-fashioned way of securing a home loan isn’t working for busy buyers (like you).

That’s why stacks of buyers are switching to secure a digital home loan through a non-bank lender. With a digital-first approach that is easier, swifter and smarter than the banks, buyers are able to act fast and capitalise on opportunities (rather than getting tied up waiting for loan approval). 

Plus, digital home loans use secure digital systems and offer specialised loan products to help you find the exact product you need from a lender who knows this type of product inside and out. 

Ready to find out what it's like to work with a digital lender to secure a loan? Let’s run you through how non-bank lenders work and what to expect every step of the way.

Apply in minutes using an online application process

Preparing your home loan application shouldn’t be a time-consuming process. Unlike the banks, applying for a digital home loan can happen entirely online in less than five minutes. 

Rather than requesting written forms and scanned copies of your ID documents that need to be manually verified, digital lenders harness the power of tech to verify your identity in real-time. In fact, here at Bridgit we don’t request documents until after your application has been submitted. This ensures you can progress as quickly as possible with your next property move and not get slowed down by our team.

Depending on whether you’ve sold your current property or not, we might need a few details like the address and price of the property you’re buying, details of your current home as well as your income, assets and liabilities. 

In some cases, we might need you to provide a snapshot of your income and expenses via an easy digital application (however if you’re downsizing, we can usually just use the details of both properties instead). 

Digital lenders (like us) know how important it is for you to move fast and get the certainty of loan approval quickly. So, we don’t leave you waiting around for days (or even weeks) and instead offer a fast, tech-driven and paperless application process, backed by an Aussie customer service team who are ready to answer any questions you have along the way.

Speedy, same-day approval 

Digital lenders (like Bridgit) know that the outdated, manual processes used by big banks and traditional lenders aren’t built for today’s hot property market. In a recent Australian Broker article, Aaron Bassin, CEO of Bridgit commented “Non-banks have the advantage of carving out a niche in the property industry, focusing solely on this, translating into a higher standard of customer experience and being able to service customers who are often turned away by mainstream lenders,”. 

We know that speed is what will give you an edge over the competition and help you score the keys to your next dream home. But if you’re waiting around for a bank to review your documents or held up with piles of paperwork, you could miss out on the best opportunities.

Instead, digital  lenders offer speedy approval that helps you to jump on new listings and make moves, fast. Here at Bridgit, we offer same-day approval (and in some cases, conditional approval within the hour). How? We don’t rely on manual reviewing and verification processes. Instead, we use secure tech to quickly assess your online application and give you the tick of approval from one of our lending specialists you need to make a confident offer.

Accept your offer with ease

Once you’ve got the green light from us, securing your digital home loan offer can happen in just a few clicks. 

Accept your conditional offer, and complete any  final checks and approvals to be sent your unconditional loan documents to review and sign.  Using our secure digital signing process, you can accept your offer online without needing to print, manually sign and scan these documents. 

We’re passionate about keeping your information safe and secure, which is why we use the highest level of encryption to protect your sensitive information and ensure your application is verified securely. 

By harnessing the power of tech, we can approve your loan in as little as 24hrs. The sooner you have approval, the faster you can make a compelling offer (which is a great bargaining tool as a buyer to secure the property you’re after). 

Get the answers you need, when you need them

Skip trekking in the CBD, getting stuck in waiting rooms or spending hours on hold. With a specialised non-bank lender, you can easily get your questions answered in just a few clicks. 

Here at Bridgit, we’ll keep you up-to-date with the status of your application using a customised online portal. By signing into your dashboard, you can instantly score full visibility of the status of your loan and action any outstanding tasks so you’re never left in the dark. 

Plus, if you want to chat with a member of our local Aussie team, you can pick up the phone and schedule a call with one of our lending experts at a time that suits you.

When it comes to securing loan approval with a digital lender, expect a streamlined digital process that ditches the paperwork and complexity synonymous with traditional banks. In just a few clicks, you can securely shoot through an application and receive approval in hours (not weeks). We know you need to act fast to come out on top in a competitive market, and digital lenders (like Bridgit) are here to get you moving, sooner. 

Found the perfect property, but haven’t sold your current home? Secure your next dream home with a Bridgit bridging loan. Go on, get approved today. 

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