10 Jul 2013

Westpac launches home loan over the phone

7:26 am on 10 July 2013

In a first for New Zealand and Australia, Westpac customers can now apply and secure approval for a home loan via their mobile phone.

Customers can fill out a home loan application, submit it and receive approval on their phone. Westpac claims the process will take just minutes.

The phone application follows the bank's introduction of online approvals for home loans earlier this year.

Westpac says 10% of its home loan approvals are made online.

Westpac's general manager of customer strategy and experience Callum Wilson says those using the application have to be bank customers already and have to agree to a validation process to check the information supplied is correct.

He says it takes about five minutes to fill in the form and the answer should take under a minute.