86 400 Examination of mortgage loans



Designed for today’s mobile world, 86,400 broke new ground in Australia’s banking industry in 2019, launching itself as a no-frills neobank, eliminating waste to give back to customers and challenging the status quo of what is the bank and how it’s done.

Designed to help Australians feel in control of their money for ‘eighty-six hundred’ seconds every day, 86,400 is a fully licensed, direct-to-bank Australian bank, offering transaction accounts, bank accounts. savings and home loans.

Backed by one of the Big Four at the National Australia Bank (NAB), the 86,400 home loan offerings were designed, developed and implemented by loan officer Melissa Christy, who knows a thing or two about banking with previous visits to Virgin Money, St George. and Westpac.

Speaking to Savings.com.au, Ms Christy (pictured below) said that being a digital bank 86,400 are not cluttered with legacy systems and processes like traditional banks, which means that it can offer customers the best possible rates.

“By shaking up traditional processes and using smart technology to create solutions to long-standing customer problems, 86,400 loans give customers a clear, accurate and immediate view of their financial situation before committing to a mortgage. “she said.

Shockingly, 86,400 already has over $ 775 million in home loans settled and pending.

86 400 Melissa Christy.jpg

What real estate loans does the 86 400 offer?

86,400 offers both principal and interest (P&I) and interest only (O) home loans for homeowners and investors.

These mortgage loans are available at variable and fixed rates, grouped into two product categories: “neat” mortgage loans and “clean” mortgage loans.

A fixed and variable rate split option is also available in the “clean” mortgage category.

Recently, 86,400 introduced a new loan-to-value ratio (LVR) level of 85% for owner-occupied “own” and “own” home loans, principal and interest and removed the need to pay the mortgage. Mortgage insurance to direct lender loans (LMI) with a rate of 15%. deposit / equity. This is available for buyers and refinancers.

Check out some of the 86,400 home loan offers in the table below.

Lender Rate type Gap Redraw Ongoing charges The initial costs LVR Lump sum reimbursement Additional refunds Pre-approval

Fixed More details

1-year fixed mortgage (principal and interest) (LVR

  • Simple digital application process
  • Market-leading app to help you pay off your loan sooner
  • No ongoing charges
Fixed More details

1 year Fixed Investment Loan (Principal and Interest) (LVR

  • $ 2,000 in cash back available
  • If the valuation is over $ 300, we’ll cover the first $ 300. If less than $ it’s free
  • Easy application with quick payment
Fixed More details
Variable More details

Variable home loan (interest only) (LVR

Basic criteria: a loan amount of $ 400,000, variable, fixed, principal and interest (P&I) home loans with an LVR (loan to value) ratio of at least 80%. However, the table “Compare mortgages” allows calculations to be performed on variables selected and entered by the user. All products will list the LVR with the product and price which is clearly published on the product supplier’s website. Monthly repayments, once the basic criteria are changed by the user, will be based on the advertised rates of the selected products and determined by the loan amount, type of repayment, loan term and LVR entered by the user. /you. Prices correct as of November 2, 2021. See disclaimer.

Characteristics of 86,400 mortgage loans

The ability to redraw

A renewal facility is available for home loans of 86,400, giving clients the flexibility to make additional repayments and access those additional payments if they are required.

Counterpart accounts

This feature reduces the amount of interest paid each month. For 86,400 customers, this functionality is available in the “Clean” mortgage category at variable rate only.

Additional refunds

86,400 clients can make an unlimited number of additional repayments on the majority of the 86,400 home loan portfolio, allowing clients to repay their loans faster. Fixed rate “clean” home loans are limited in the amount of additional repayments to $ 20,000 per fixed term.

Cloud-based technology

The 86,400 platform is fully digital (including the application process) and easily accessible in the palm of your hand via smartphones. Requests can take as little as 20 minutes.

How are 86,400 different from the Big Four Banks?

86,400 is a digitally-centric lender, which Ms Christy says helps pave the way for banking in a tech-driven society.

“We have built a smart bank entirely for smartphones,” Ms. Christy said.

“Where traditional banks are cluttered with legacy technologies and branch networks, we are completely cloud-based and all work remotely with no impact on our product deployment or the day-to-day operation of the bank.

“This technological base allows us to do a lot of things that our customers love.

“We show customers what’s really going on with their money, so they feel in control every second of every day. ”

Recently acquired by NAB, Ms Christy said that 86,400 was committed to continuing to provide customers with a smarter alternative to the way they currently do their banking.

“Smart products and features include our bill predictor and the ability to connect multiple bank accounts within the 86,400 app, all giving customers a better view of their financial situation,” Ms. Christy said.

“These are not services that are typically associated with traditional banking services, but they are aligned with our bank’s goal – to help Australians take control of their money.”

86,400 customers can connect accounts from over 100 banks and financial institutions across Australia, including transaction and savings accounts, credit cards, personal loans and investment accounts.

Am I eligible for an 86,400 housing loan?

If you are planning to apply for a home loan of 86,400, the eligibility requirements to be met are as follows:

  • Applicants must have at least a 15% deposit or equity (maximum LVR is 85%).
  • Applicants must buy or refinance a residential property.
  • Applicants must be Australian citizens or permanent residents.
  • Applicants must be over 18 years old.
  • Pay-as-you-go employee (PAYG).
  • Good credit history.
  • Maximum of two applicants per mortgage loan product.

Apply with 86,400

Diving into the details of the 86,400 home loan application process, Ms Christy said the broker-led solution and the direct home loan process use electronically verified income and expenses to tell applicants exactly where they stand and what they can afford in a matter of minutes.

“As part of the application process, 86,400 shows the candidate’s annual income and the last three months of spending from any of the banks or financial institutions they provide, giving them an immediate understanding of their financial situation without need guesswork or heavy loads. “said Ms. Christy.

How the 86,400 direct application process works:

  • Verify your property with an Instant Property Estimate, powered by CoreLogic, to make sure it’s suitable.
  • Let 86,400 know what you want in a home, get the product that suits your needs, and see what your reimbursements will be.
  • Provide your details or if you are an existing 86,400 customer they will complete the application for you.
  • 86,400 will digitally collect your income and expense data and sort it in the right places, so you don’t have to.
  • Check everything is fine or adjust as needed, then send it on the way.

How can I refinance with 86,400?

To start your home loan application, you can go directly to the 86 400 website – https://www.86400.com.au/ or download the app through the App Store on iOS or Google Play on Android. . You can also speak to a credit expert 86,400 at 1300 086 400.

Head image by Lukas Blazek via Unsplash.

In-text image provided by 86,400.

The entire market was not taken into account in the selection of the above products. Instead, a smaller part of the market has been envisioned, which includes the retail products of at least the Big Four Banks, the Top 10 Client-Owned Institutions, and Australia’s largest non-banks:

Products from some vendors may not be available in all states. To be taken into account, the product and the price must be clearly published on the website of the supplier of the product.

In the interest of full disclosure, Savings.com.au, Performance Drive, and Loans.com.au are part of the Firstmac group of companies. To learn more about how Savings.com.au handles potential conflicts of interest, as well as how we are paid, please click on the links on the website.

*Comparison rate is based on a loan of $ 150,000 over 25 years. Please note that the comparison rate only applies to the examples given. Different loan amounts and terms will result in different comparison rates. Costs such as draw charges and cost savings such as fee waivers are not included in the comparison rate but may influence the cost of the loan.


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