The New “Norm” with Banks

The New “Norm” with Banks

With the current LockDown in Australia such as Victoria and Melbourne, most banks have developed virtual banking services with effortless, swift and convenient ways of processing clients mortgages.

In Australia, many small and bigger banks are offering online service.

  • Accepting electronic signatures rather than traditional paper signatures. You are able to sign these documents from the comfort of your home. I have done so in recent weeks when I was signing for my personal loan with Wisr Finance Pty Ltd.
  • Conduct home loan consultation over the phone. It only takes 15-30 minutes, saving you the trouble of driving to the bank.
  • Processing paperless mortgage application, helping banks to keep their cost lower and reduce the hustle of transactions.
  • Generating and electronic property reports to help you understand your home value. This strategy has been adopted by Motion Managing Property. When we engaged them to take care of our 2 units in Melbourne, the conducted inspection using virtual media and sent me the report electronically.

The new Norm strategies will remain in force even post Cavid-19 period. It is believed that consumers in Australia will be able to share their data relating to home loans, investment loans, personal loans and joint ventures by first November 2020

Investors and home buyers will experience an enjoyable, easy and seamless property loan process.

If you want to learn more, take our wealth builder survey by clicking here.

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