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Australia’s first neobank
Volt has reportedly acquired neo-lending platform
Australian Mortgage, enabling it to provide “fully-verified” approval times of less than 15 minutes on its new digital mortgage product.
As mentioned in a release shared with CI:
“This is a material improvement compared to many larger lenders where it is common for unconditional approvals to take well over two weeks, particularly for customers introduced by brokers.”
Australian Mortgage’s “Intelligent Credit” solution will form an important part of Volt’s banking-as-a-service (BaaS) offering, and help to address the slow turnaround time for the ~60% of Australian mortgages being originated via brokers.