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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LenderHome LoanInterest Rate Comparison Rate* Monthly Repayment Repayment type Rate Type Offset Redraw Ongoing Fees Upfront Fees Max LVR Lump Sum Repayment Additional Repayments Split Loan Option TagsFeaturesLinkComparePromoted ProductDisclosure
6.04% p.a.
6.06% 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.
Disclosure
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.
 Disclosure
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
 Disclosure
5.69% p.a.
6.16% p.a.
$2,899
Principal & Interest
Fixed
$0
$530
90%
  • Available for purchase or refinance, min 10% deposit needed to qualify.
  • No application, ongoing monthly or annual fees.
  • Flexibility to split your loan with both fixed and variable rates
 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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