New study shows Aussies want simpler and faster refinancing
Commonwealth Bank has optimised a digital functionality to make online home loan refinance applications easier and faster.
The development came after CBA research revealed that one in three Australian homeowners would consider refinancing if the process was simple and fast.
Findings showed that Australian homeowners would consider refinancing online if there were additional features that would enable them to pay off their loan sooner (31%) and easily make changes to their repayments (22%)
The new CBA upgrade enables refinance customers to not just commence and submit an application online, but also complete additional steps such as ID, consent, serviceability, and credit assessment. Customers are then connected with a home lending specialist to finalise and progress their applications.
“Our digital refinance application means customers have the option to progress their online application much further than what was previously possible, enabling them to complete a large portion of the application process directly online,” said Michael Baumann (pictured above), executive general manager of home buying at CBA.
“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. This enhanced functionality helps to make the process of refinancing to CommBank simpler and faster for our customers.”
CBA’s digital refinance application also retained the important role of a home lending specialist, adding value for many customers.
“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,” Baumann said.
The CBA research also revealed that 74% of Australians wanted flexibility in their home loan. When asked how they wished their home loan was more flexible, half said they’d like to be able to pay less interest with multiple offset accounts, and more than a third said they would like to be able to change their repayment date to align with when they get paid. A further 30% said they would like to be able to adjust their home loan repayment frequency and amount online or via an app.
“We can see from our research that Australian homeowners are looking for more flexibility from their home loan, which is something we strive to offer,” Baumann said. “Our aim for customers looking to refinance to CommBank is that our digital refinance application will provide a seamless experience.”
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