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Digital bank 86 400 has started offering home loans, becoming the first neo bank in Australia to do so.
Prospective buyers who are eyeing a loan at 86,400, the Sydney-based bank which only launched two months ago, won't need to submit any paper documentation in their applications.
It's been reported the system could take just hours to approve a loan, however it will have to go through a mortgage broker.
The neo bank is offering an owner-occupier variable rate of 3.09 per cent.
Their three year fixed rates for owner occupiers is at 2.88 per cent. 
“86 400 has put an affordable home loan option on the table just two months after launching," RateCity research director Sally Tindall said.
“While their variable rate is significantly lower than the big four banks, if you’re focused on price, there are plenty of cheaper options out there,” Tindall added.
 
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86 400 becomes first neo bank in Australia to offer home loans

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A new digital marketing tool is helping to put historic colonial-era towns on the radars of Sydney buyers according to a leading local real estate expert.
Amplify is an automated marketing for social media and search function developed by CCT and is exclusive to Raine &amp; Horne.
Chas Groom, Co-Principal Raine &amp; Horne, claims that with the help of Amplify, more than 4 million consumers viewing properties marketed by the Raine &amp; Horne group over the last year.
The technology also combines with social media platforms such as Facebook and LinkedIn to drive more traffic to properties listed on the traditional real estate portals.
“Amplify is paying dividends for us as we can now target buyers in parts of Sydney that appear to have an interest in buying the bigger properties and old school country feel that townships such as Wilberforce and Ebenezer offer,” Groom said.
“We have a lot of younger families moving to this region, and we have much affordable housing with median three-bedroom houses selling for about $660,000 in towns such as Webbs Creek, Ebenezer, Wilberforce, and Sackville.”
Groom says the rise in interest is attributable to the technology.
“We are finding that many buyers are seeing our properties on the social media platforms thanks to Amplify and are then going to the property portals for more information before making contact with our office,” he said.
“It’s for this reason that I know that Amplify is working for our business. For example, we know that buyers are spending an average of one minute 35 seconds every time they click on one of our properties via Amplify. This compares to an industry average of about nine seconds.”
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