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InstantAPPLY is designed to provide brokers with a single platform to collect and verify client financial information before preparing a home loan application. According to the company, it replaces several separate tools commonly used during the application process, including credit reporting, bank statement collection, expense categorisation software, document collection, and fact-find software.
Founder and CEO Adam Grocke said the platform’s long-term objective was to support what the company describes as a “10 minute home loan”.
“We believe the future is instant home loans, and that requires a foundation of trusted, live and verified data that the customer shares and the broker can use to automate the application process,” Grocke said.
“Until you have that foundation, AI agents will never reach their full potential to assist brokers.”
How does it work?
The platform enables brokers to send clients a branded link, where they accept the broker’s privacy statement and credit guide before providing their financial information.
According to the company, brokers can then run servicing calculations, compare products, and prepare a loan application from the verified information collected through the platform.
InstantAPPLY also includes a shorter pre-qualification template that captures only credit-critical information before being expanded into a full fact-find if required. The company said brokers were using the feature to pre-qualify clients in as little as five to 10 minutes.
Brokers can also create unlimited sign-up links for referral partners, websites, and marketing campaigns, with each link able to be tracked by source.
Open banking at centre
The platform uses open banking to collect customer financial information after the client receives the broker’s link. According to the company, connecting bank accounts takes around 90 seconds, while most customers complete the process in three to five minutes using a mobile device.
Once connected, the open banking authorisation remains active for 12 months, allowing brokers to generate bank statements for any date range without requesting them from the client again.
Living expenses are automatically categorised using live transaction data rather than customer-entered information and can be transferred to Quickli with one click for servicing calculations.
Credit reports are retrieved through an access seeker inquiry, which the company said does not record a credit inquiry on the customer’s file or affect their credit score. Active liabilities are also extracted automatically.
The platform also includes a whole-of-market product comparison tool built using Consumer Data Right data, while documents connected or uploaded by the client are automatically added to the supporting document pack. Every action completed by the broker, client, and system is also timestamped in an audit log.
Existing lodgement process remains
InstantAPPLY does not submit loan applications directly. Instead, completed applications continue to be lodged through an aggregator platform or a broker’s existing CRM.
Grocke said the platform had been designed to complement existing loan origination and compliance processes rather than replace them.
“The feedback from aggregators has been consistent. They want compliance documents and loan submissions managed on their own platforms,” he said.
“InstantAPPLY is designed to hand over a complete, verified data file, so it complements their systems, their compliance and their process requirements.”
Custom Equity Group is the first aggregator to partner with InstantAPPLY, with the company saying it is also in discussions with two additional aggregators.
Grocke said the platform had been developed after observing how much time brokers spent on administrative work rather than providing advice.
“It was never the loan advice that took the time, it was the admin around it. Brokers were paying for five tools and still losing two hours getting one file ready,” he said.
“A broker can spend two hours on a client they were never able to help. Knowing that in five minutes instead is worth more to most brokers than any single feature we could build.”
InstantAPPLY is available now, with the company offering free access throughout August without requiring a credit card.
[Related: Beyond Bank brings open banking front of house]
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