flagFounded: 2017

businessOwned by: Privately Owned

monetization_onFunded by: Cuscal Ltd. and Morgan Stanley Australia Ltd.

securityLMI Provider: None at the moment (loans are not provided above 80% LVR)

account_balanceLender type: Bank

86 400 is one of Australia’s neobank that provides online home loans through a smartphone. The bank claims to be six times faster than the big four while approving a mortgage application.

The bank name 86 400 represents the number of seconds in a day. The company chose the name because with their services customers can control their own money, every second of the day.

They have spent eighteen months working through the key pain points for customers and brokers before developing smart technology solutions. They are offering access to home loans with a competitive rate, next to no paperwork and faster time to approval.

Rather than having to submit physical documents, smart technology means applicants are only required to submit a contract of sale for purchases, and no documents are needed to refinance.

But, despite being digital, customers will still be required to go through a mortgage broker to get a home loan with the bank.

How do 86 400’s home loans compare?


  • New convenient, fast loan approval and mobile-friendly mortgage solution
  • Next to no paperwork, most tasks are completed online on your smartphone
  • Increased accuracy with verified pre-populated data
  • Can see other accounts you have with other banks / lenders in their banking app
  • Their app can compare prices for expenses you have; such as utilities
  • Low fees and plenty of flexibility in how you make repayments
  • You can often borrow more (lower serviceability rate)
  • Only required to submit a contract of sale for purchase and no other documents payslips are needed
  • Variable loans allow you to turn your 86 400 pay and savings accounts into offset accounts
  • All of the home loan products have a redraw facility
  • 24-hour assessment to approval if all information provided and upfront valuation completed
  • Free upfront valuations through PropertyHub
  • Fully assessed pre-approvals – includes bureau check and serviceability
  • Electronic signing of lender application form and loan contracts, only the mortgage needs to be printed and signed
  • Loan offer documents issued to your clients via an eSign portal within
  • Six business hours from formal approval
  • Up to 6 free offset accounts per customer
  • Unlimited additional repayments on a variable, up to $20k on fixed per fixed rate period
  • Loan terms up to 35 years


  • Still a very new company
  • For tech-savvy people and not for those who want to have access to a physical bank branch
  • You need an 80% LVR to get a mortgage with this lender
  • They are not very good with complex applications
  • Not for self-employed or bad credit borrowers
  • You will need to start the process with a broker to apply for a mortgage
  • They do not offer bridging loans, reverse mortgages, low doc loans or lines of credit
  • A $250 loan advance fee, a $250 annual fee and a potential valuation fee

What makes them different?

Australians have experienced challenges while trying to get a home loan, and more than half cite specific problems relating to the application process itself. With 86 400 accounts, customers can get competitive rates, no monthly fees, plus access to Apple Pay, Google Pay, Samsung Pay, Garmin Pay and Fitbit Pay.

The digital bank has partnered with an array of companies to speed up the mortgage application process, including CoreLogic, Equifax, MaxID, FMS, Loanworks, Simpology and Mogoplus.

While 86 400 is not the first lender to offer digital home loans, its offering is unique because it offers home loans exclusively through the broker network.

They opt for an entirely broker-led approach as brokers remain the experts in the mortgage market and are best to assist customers through one of the most significant financial decisions of their lives.

Among the main selling points of this fully digital process for home buyers and refinancers is the ability to capture income and expense statements electronically, verify identification on mobile and sign documents electronically.

86 400 also enables customers to connect all their accounts from over 150 financial institutions in one place to give them a full financial picture.

They uses smart technology to surface the most relevant information about spending, saving and bills, so customers can plan for the future and also look back into their credit history.

What type of home loans do they have?

86 400’s initial home loan offering, which is available for purchasers, refinancers, owner- occupiers and investors, is a fully-featured loan, with fixed and variable rate options.

The features like a redraw facility for both fixed and variable loans and a rate lock option for up to 90 days are available.

Despite being a new bank, 86 400 have a broad range of home loans on offer:

Customers with a variable rate home loan will even be able to reduce their regular repayments by linking their loan to one or multiple offset accounts via an 86 400 Pay or Save account.

The loans, which include owner-occupier and investor products, are only accessible exclusively via a select number of mortgage brokers at present.

There are several fees associated with 86 400’s digital home loans though, including a $250 loan advance fee, a $250 annual fee and a potential valuation fee.

Loan Purpose
Loan Type Owner Occupied Investment
Repayment Basis Principal and interest Interest-only (up to 5 years)
Maximum LVR 80%
Loan Term 1 to 35 years
Loan Amount $80,000 to $5,000,000 (subject to LVR and postcode)
Minimum split loan $20,000

How does the 86 400 home loan application process work?

The bank’s application process is almost entirely virtual and is completed on a smartphone.

  • Borrowers must submit applications through an 86 400 accredited broker, and the bank will assist in finding one.
  • Once applicants have met with their broker, the applicant electronically supplies their income and expenses.
  • The data is categorised, verified by the applicants and populated electronically into their application. It is done in minutes and saves the applicant the lengthy process to pull this information or provide paper documents manually.
  • Applicants also go through identity verification on their mobile phones and sign most of their loan documents electronically.
  • If the loan application is approved, the bank will email the applicant a link to review and sign the loan documents online.
    Once everything has been signed and returned, the borrower can sit back and wait for the settlement arranged by the bank.

Compare 86 400 home loans to other lenders

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