The home-buying process is one step closer to a fully digital reality with the introduction of an entirely digital mortgage process, courtesy of Galilee Solicitors.
According to Galilee it is a first in New South Wales. Borrowers can now enjoy a paperless home loan process – from loan application right through to settlement of the property via PEXA.
The digitisation of this critical process stands to significantly reduce human errors which commonly lead to requisitions, and in some instances, missed or delayed settlements.
“As many as 50 per cent of documents in loan mortgage packs are returned incomplete,” Cordell Smith, Managing Partner at Galilee said. “This has serious consequences for buyers who may miss settlement, resulting in penalty interest and costly re-work, on top of an incredible amount of stress.”
Through Galilee’s digital offering, the home buyer is invited to access, sign and return their loan documents online following the lender’s loan approval. From here, the client can also sign their mortgage forms, upload documents and submit everything through one secure, online portal.
“Up until recently, you could have an online loan application at the start, and a great digital experience with PEXA at the end but in between was this horrible paper process,” Mr Smith said.
“Anyone who has bought a property knows the sheer volume of paperwork involved. We’ve taken that pain away, and in the process, eliminated the risk of human error, missing forms and incomplete documentation.
“In addition, we no longer spend unnecessary time printing and collating documents, or chasing up outstanding documents. Instead, we can spend that time ensuring the matter settles faster.”
The solution has proven extremely effective as clients are able to complete and sign all relevant documents anywhere, at any time.
Malcolm Sheehan recently completed a refinance with Homestar Finance, using Galilee’s digital process and found it to be smooth and stress-free.
“A key benefit was the overall speed,” Mr Sheehan said. “The turnaround time from start to finish was so much faster than it was on paper in the past. Completing the application digitally also allows you to search for a certain item and save a copy electronically, exactly as you provided it.”
New homebuyer Jack Dangar also experienced benefits through the digital application. Mr Dangar said the new digital process is in line with community expectations.
“I think that it is a basic expectation now that things like this are done digitally,” Mr Dangar said. “That’s how we pay our bills and buy online, and I would say that the public are actually ahead of those who complete these processes on paper.”