Home News Defence Bank goes on the offensive with real-time digital loan approval

Defence Bank goes on the offensive with real-time digital loan approval

Investments in digital technology has the mutual bank looking to approve loans faster than the time it takes to cook two-minute noodles.

By Staff Writers

First published on 16 Sep 2022

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Defence Bank goes on the offensive with real-time digital loan approval

Defence Bank has launched an automated lending platform aimed at slashing the time it takes from loan application to approval and funding.

Through a partnership with Cloudcase Software Solutions, the mutual bank implemented the digital platform across personal loan offerings as a pilot, providing loan approvals in as little as 30 seconds.

Defence Bank CEO David Marshall said the digital solution will soon be extended to home loans, credit cards and overdrafts, following positive customer feedback.

“Our pilot on personal loans revealed a completely paperless digital solution providing approvals within 30 seconds and funding within 20 minutes where members had all necessary documentation,” Mr Marshall said.

“[The pilot] has delivered a better member experience by reduced member effort through frictionless banking and increased personal lending fundings by 25% over the last three months.

“We will now extend it across our entire loan origination, with mortgages and credit cards set to roll out in the following months.”

Utilising the Cloudcase platform, Defence Bank notes members are informed through both text and email notifications from application to approval and funding.

Speaking to Savings.com.au late last year, Andrew Walker - co-founder and CEO of digital lender Nano - said the real home loan battleground is going to be being able to get a loan approved in 24 hours or less.

Nano claims it can process and approve mortgage applications in less than 10 minutes; new CommBank-backed digital lender Unloan also claims similar speedy timeframes.

For Defence Bank, transitioning this speed to home loans will place the mutual among some of the fastest loan approval times on the market.

Despite the name, Defence Bank does not require customers to be enrolled in the Australian Defence Force to access its services, with membership open to all Australians.

See more: Which lenders have fast home loan approval times?

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Buying a home or looking to refinance? The table below features home loans with some of the lowest interest rates on the market for owner occupiers.

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Lender	Home Loan	Interest Rate	Comparison Rate*	Monthly Repayment	Repayment type	Rate Type	Ongoing Fees	Upfront Fees	Max LVR	Tags	Features	Link	Compare	Promoted Product	Disclosure
loans.com.au	loans.com.au Variable Home Loan (LVR < 90%)	6.04% p.a.	6.08% p.a.	$3,011	Principal & Interest	Variable	$0	$530	90%	4.6 Star Customer Ratings	Available for purchase or refinance, min 10% deposit needed to qualify. No application, ongoing monthly or annual fees. Quick and easy online application process.	More details	Compare	Promoted	Disclosure
Unloan	Unloan Variable Rate Home Loan LVR < 80%	5.99% p.a.	5.90% p.a.	$2,995	Principal & Interest	Variable	$0	$0	80%	Apply in minutes	No application or ongoing fees. Annual rate discount Unlimited redraws & additional repayments. LVR <80% A low-rate variable home loan from a 100% online lender. Backed by the Commonwealth Bank.	More details	Compare	Promoted	Disclosure
ubank, part of NAB	ubank, part of NAB Neat home loan - max. 60% LVR (Owner occupied, Principal and interest)	6.09% p.a.	6.11% p.a.	$3,027	Principal & Interest	Variable	$0	$250	60%		No annual fees – None! Get fast pre-approval Unlimited additional repayments free of charge	More details	Compare	Promoted	Disclosure

Important Information and Comparison Rate Warning

Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to be made on variables as selected and input by the user. Some products will be marked as promoted, featured or sponsored and may appear prominently in the tables regardless of their attributes. All products will list the LVR with the product and rate which are clearly published on the product provider’s website. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. *The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of . View disclaimer.

Important Information and Comparison Rate Warning

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Savings.com.au provides general information and comparison services to help you make informed financial decisions. We do not cover every product or provider in the market. Our service is free to you because we receive compensation from product providers for sponsored placements, advertisements, and referrals. Importantly, these commercial relationships do not influence our editorial integrity.

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Product Coverage and Sort Order

We strive to cover a broad range of products, providers, and services; however, we do not cover the entire market. Products in our comparison tables are sorted based on various factors, including product features, interest rates, fees, popularity, and commercial arrangements.

Some products will be marked as promoted, featured or sponsored and may appear prominently in the tables regardless of their attributes.

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Comparison Rate Warning and Base Criteria

For home loans, the base criteria include a $500,000 loan amount over 30 years. For car loans, the base criteria include a $30,000 loan over 5 years. For personal loans, the base criteria include a $20,000 loan over 5 years. These rates are only examples and may not include all fees and charges.

*The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

Monthly Repayment Figures

Monthly repayment figures are estimates that exclude fees. These estimates are based on the advertised rates for the specified term and loan amount. Actual repayments will depend on your circumstances and interest rate changes.

Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you.

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We may include products and services from loans.com.au, CarLoans.com.au, OnlineAuto.com.au, and YourMortgageBroker Pty Ltd, all associated with the Firstmac Group. Importantly, these brands are treated like any other commercial partner.

Learn more about how we manage conflicts of interest.

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The information provided by Savings.com.au is general in nature and does not take into account your personal objectives, financial situation, or needs. We recommend seeking independent financial advice before making any financial decisions. Before acquiring any financial product, obtain and read the relevant Product Disclosure Statement (PDS), Target Market Determination (TMD), and any other offer documents.

Rates and product information should be confirmed with the relevant credit provider. For more information, read Savings.com.au’s Financial Services and Credit Guide (FSCG).

Defence Bank goes on the offensive with real-time digital loan approval

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