Westpac lets customers get home loan approvals on mobile phones

The new capability is part of the latest update for Westpac’s mobile banking app and is available now.

"Customers can fill out a home loan application, submit it and receive approval all via their phone," general manager Customer Strategy and Experience, Callum Wilson says. "The entire process, including receiving the approval, takes just minutes and adds a new dimension to weekend house hunting, participating in auctions and the planning process in buying a home."

“House hunting and the purchase process can be one of the most stressful periods for people and what we’re trying to do is make times like this easier for customers so when they’re out house hunting, at the open home or heading to the auction they can access one of the key bits of information they need - that they can get the funds,” Wilson said.The app follows Westpac’s earlier development this year of providing online approvals for home loans. Customers have adopted that so quickly that 10% of all Westpac’s home loan approvals come through the online channel.

“Like with online approval, the app is helping make a tough and sometimes time consuming process, easier. It’s convenient, secure and if you think about how hard applying for a home loan used to be this is really quite revolutionary,” Mr Wilson said.