A week after launching its first foray into the mortgage lending market, Qantas Money has revealed it has adopted Tic:Toc’s end-to-end digital and AI-backed lending platform to power its home loan applications and customer onboarding process.
Through the partnership, Qantas Money Home Loans applications will be assessed through Tic:Toc’s white labelled ‘Enterprise’ platform – a fully digital home loans origination platform supporting applications, automated compliance, underwriting and settlements processes.
According to the pair, the proprietary platform promises for customers “a highly efficient application and fully digital fulfilment process”.
Tic:Toc founder and chief executive Anthony Baum said its partnership with Qantas Loyalty (with membership of the loyalty program required for customers to qualify for Qantas Home Loans products) “demonstrates how customer-focused brands can now leverage technology and balance sheet partners to enter traditionally complex parts of the financial services industry, and create further value for their customers”.
Tic:Toc touts itself as “Australia’s first and only digital lender and platform company”, enabling, it said, approximately 70 per cent of the digital home loan market.
Launched earlier this month, Qantas Money Home Loans – which will be offered alongside Qantas Money’s credit card and travel money card offerings – will sit on Bendigo and Adelaide Bank’s balance sheet.
Prospective applicants for a Qantas Money Home Loan must register as Qantas Frequent Flyer members before they qualify to apply for a home loan. Borrowers will, as a bonus, receive 100,000 frequent flyer points (equivalent to a one-way first class flight between Sydney and Singapore) each year of the life of the loan.
The newly launched mortgage lender currently offers a variable home loan rate of 4.67 per cent per annum for owner occupiers, and 5.02 per cent per annum for investors on an average loan of $600,000.