Overview

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
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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

What is Volt Labs?

Volt Labs is a community under Volt Neobank. It is a platform where new ideas are shared and tested before adding a new service or product to Volt Bank. Volt Labs is currently being used to test and receive feedback from the customers regarding Volt Mortgage Loan Services. Test it, share it and submit your queries and feedback before choosing Volt as your possible mortgage lender.

Tips for applying with Volt Neobank

As of now, you cannot apply for a Volt mortgage. Despite the announcements, the actual services are said to begin in late 2021/early 2022. Nonetheless, it is possible to apply for “early access” through Volt Labs. This application will allow you to test their products and provide feedback.

Compare Volt Neobank to other lenders

Volt is a great alternative for borrowers looking for a hassle-free experience. Low fees and no additional costs add to the list of benefits. However, limited home loan options and availability might be possible obstacles. If you need to find the ideal lender for your situation, we can help. Talk to one of our specialist mortgage brokers at Home Loan Experts. Give us a call on 1300 889 743 or fill in our free online enquiry form.