Commonwealth Bank announces digital home loan application that takes just 10 minutes

The Commonwealth Bank has announced a range of upgrades to its services this afternoon, chief among them is a new, modern digital application for home loans. Known as an unloan, this offers customers a streamlined application process that could take as little as 10 minutes.

The full post on the Commonwealth Bank’s Facebook Post is as follows:

We’re taking the next step in reimagining banking for our customers with a number of new initiatives aimed at delivering a more rewarding and personalised experience.

Kit: a money app and digital information tool for kids, aimed at helping our younger customers learn about money, how to save, how to budget and how to manage spending.

Kit is in pilot with up to 5,000 customers and has been built with the help of kids, parents and caregivers along with an independent advisory panel of experts in youth mental health and wellbeing, digital services for children and families, artificial intelligence, and financial capability.

Unloan: a home loan that starts with one, simple, low cost interest rate. Owner-occupiers who refinance will pay an interest rate of 2.14% p.a. (2.06% pa comparison rate), and investors 2.44% p.a. (2.36% pa comparison rate). Digital applications take as little as 10 minutes and customers receive a loyalty discount that grows by 0.01% p.a. every year, up to 30 years.

Integrating CommSec into the CommBank appCommSec, Australia’s leading digital stockbroking service, will be available in the CommBank app. Starting with the integration of the award-winning CommSec Pocket, customers will be able to access and transact on their investment accounts direct through the CommBank app with one simple login.

CommBank Yello: a personalised recognition program. Initially available to home loan customers, benefits include a $120 annual cashback on home insurance, exclusive shopping offers and discounts on home-related purchases, reports on property trends as well as the chance to win prizes each month. The recognition program will be progressively rolled out first to customers later this year.

Commbank says they will have more details on future innovations in the coming days.

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Jason Cartwright
Jason Cartwright
Creator of techAU, Jason has spent the dozen+ years covering technology in Australia and around the world. Bringing a background in multimedia and passion for technology to the job, Cartwright delivers detailed product reviews, event coverage and industry news on a daily basis. Disclaimer: Tesla Shareholder from 20/01/2021

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