Commonwealth Bank (CommBank) announced an optimised digital functionality to make it easier and quicker for customers to refinance their home loans online.

The new digital refinance application is available as CommBank research reveals that one in three Australian homeowners would consider refinancing if the process was simple and fast.

According to the research, additional features that would make Australian homeowners consider refinancing include the ability to pay off their loan sooner (31%) and the ability to easily make changes to their repayments (22%).

Customers looking to refinance can now not only commence and submit an application online but can complete additional steps such as ID, consent, serviceability and credit assessment. Customers are then connected with a home lending specialist to finalise and progress their applications.

Michael Baumann, executive general manager of home buying at CBA, said that the new functionality was born out of the drive to create a more seamless experience for customers when refinancing.

Baumann said: “Our digital refinance application means customers have the option to progress their online application much further than what was previously possible, enabling them to complete a large portion of the application process directly online.”

Re-disseminated by The Asian Banker