Overview |
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flagFounded: 2017 |
businessOwned by: Steve Weston & Luke Bunbury (plus many investors) |
monetization_onFunded by: Australian Finance Group and Collection House Group |
securityLMI Provider: N/A |
account_balanceLender type: Fintech Lender/Neobank Lender |
Volt Bank is closing its deposit taking business and will exit the banking industry.
Volt has stepped up to the Aussie lending business starting mid-July 2021. It is Australia’s first neobank to get an unrestricted banking licence from APRA.
The leap into mortgage lending came as a result of an acquisition of alternative lender Australian Mortgage (AM).
Volt Neobank plans to commence its mortgage lending services around the last quarter of 2021. As of 2021, the bank is planning towards raising capital to launch mortgages.
Although Volt has officially stepped its foot onto the lending market, it is still very early to know what Volt’s mortgage solutions will look like.
How do Volt Neobank’s home loans compare?
Pros
- Speedy verified approvals (in minutes)
- Low fees / No additional fees
- Competitive interest rates
- Convenient lending solutions
- Safe and easy to use
- Fully application-based digital experience
- Loyalty reward features
Cons
- No physical presence
- Limited loan options and products
- Ideal for low-risk borrowers only
- Only suitable for tech-savvy customers
- Lacks face-to-face assistance
(Please note that these pros and cons are based on statements made by Volt NeoBank. It hasn’t yet started mortgage lending services.)
What home loan types do they have?
Courtesy of the recent acquisition, Australian Mortgage’s “Intelligent Credit” solution will be a key breakthrough in Volt Neobank’s banking-as-a-service (BaaS) offering. Adding to its mortgage lending plans. With the lack of details announced, we cannot outline Volt Bank’s home loan types yet. The features, however, are stated to be more advanced than existing fintechs and neobank lenders:- Entirely online application
- Interest rates that compete with big banks
- Data-driven and revolved around customer feedback
- Loyalty rewards to selected customers