Commonwealth Bank (CBA) has announced that it is now accepting applications for its simplified digital home loan offering, Unloan.
Unloan offers a one-time interest rate of 2.14% for homeowners and 2.44% for investors with digital applications that allegedly only take ten minutes.
“As customer expectations continue to evolve, we know a growing number of Australians are ready to consider a digital home loan that’s easy to get and more rewarding to live in. And, just as importantly, backed by a brand that ‘they know and trust,’ ABC CEO Matt Comyn said.
“Combining the pace and innovation of the start-up world with the scale and assets of Australia’s leading bank, we’ve reimagined what a home loan can look like.”
The bank has confirmed that those looking to refinance their properties up to $3 million worth and up to 80% of their value can now apply through Unloan.
Customers will also benefit from a “loyalty discount” which increases by 0.01% per year up to a maximum of 30 years.
The launch of Unloan was announced alongside a number of other new ABC initiatives, including the availability of CommSec in the existing CommBank app and the launch of the new Kit Money app and information tool digital for children.
“Stimulating digital innovation for our customers is at the heart of our strategy. It’s about reinventing what it means to be a bank and how a bank can anticipate and respond to customer needs,” Mr. Comyn said.
“We seek to be the trusted center of our customers’ financial lives, using technology to create the best integrated and personalized digital experiences tailored to all the ways our customers interact with us. Our strategy is to broaden and deepen our distinct and highly differentiated proposition to give customers more reasons to do business with Commonwealth Bank.
The bank’s micro-investment platform, CommSec Pocket, will be made available to all customers via the CommBank app in the coming months before general CommSec services are then made available later this year.
The ABC said the changes came in response to feedback from the growing number of CommSec investors.
“Clients tell us they want to be able to manage all their money in one place and now they will be able to switch seamlessly between their day-to-day banking and CommSec investments with a single login that will give every qualified CBA client access to CommSec investments tool,” Mr. Comyn said.
Meanwhile, the ABC said the Kit app and digital information tool aims to help children learn about money and how to save, budget and manage their expenses by providing them with their own account and prepaid card.
Initially launched as a pilot project involving up to 5,000 customers, the bank said the Kit would allow children to manage their own income, savings and expenses through experiential learning with controls including updated spending limits. parental disposition.
Jon Bragg is a reporter for Investor Daily from Momentum Media, nestegg and ifa. He enjoys writing about a wide variety of financial topics and issues and exploring the many implications they have on all aspects of life.