Article published 29 September 2021
What is an online home loan?
An online home loan, also known as a digital home loan, is a type of loan that is offered completely online, including the application process. They are usually offered by digital lenders and allow you to go through the application process online with no physical documents and without needing to attend a branch.
Online home loans can be applied online directly with a lender that offers this type of product or through a Mortgage Broker who can go through the online application with you. An example of an online home loan would include Mortgage Choice’s Propel.
Why and when should you get an online home loan?
Online home loans can be versatile and are usually available for people in many different scenarios, offering solutions for first home buyers, investors and even people looking to refinance their existing home loan.
Of course, it is important to understand that online home loans do not provide branch services or personal face to face meetings. You will also need to be comfortable in using the internet for your banking and carrying out the application process alone.
If you are interested in an online home loan but don’t want to go through the application process alone, a mortgage broker can help you with expert advice throughout the process and do all the legwork in finding and applying for the right home loan for you - whether that is an online home loan or not.