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86 400 Home Loans

86 400 is a digital challenger bank planning to launch a digital, mobile-first banking experience with transaction and savings accounts and then mortgages.

86 400 is a neobank that wants to give Australians more control over their money, with what it calls "a smarter, more personalized banking experience."

When it launches mortgages we will update this page. But for now, here's everything we know so far.

86 400 profile

  • The name? Because there are 86,400 seconds in a day.
  • Ownership. 86 400 is backed by Cuscal, an Australian payments system company with a long history in financial technology.
  • Licensing. The company is currently working with APRA to obtain a full banking licence.
  • Testing. 86 400 is currently beta testing its debit card, app and banking platform.

86 400 mortgages

We know 86 400 is going to enter the mortgage market. They've said as much, and they've hired mortgage specialists to build out their team. But there's not much in the way of detailed information out there yet.

Based on everything 86 400 has said so far, its mortgages will likely be:

  • Mobile-oriented and online. 86 400 will offer mortgages via brokers and have a customer support centre. Expect convenience and speed, but don't expect bricks-and-mortar branches from this neobank.
  • Connected. According to a media release, 86 400 wants to use "data and cloud-based technologies to give customers a single view of their financial world and proactive insights to make the most of their money".
  • Competitive (hopefully). Digital startups need to offer a better deal than the big banks. This is a big part of 86 400's pitch: "Because 86 400 will ultimately have a lower cost ratio than a traditional bank – completely free of expensive, cumbersome legacy technology and physical branches – we’ll be able to provide better value products for customers."

When will 86 400 launch its mortgage products?

At the moment we can't say for certain. The company has plans to launch at some time early in 2019, with savings and transaction accounts "from day one" and mortgages sometime after.

We’ll keep this page updated as more information becomes available.

Fintech mortgage competition is growing

86 400 is one of a growing number of fintechs and neobanks looking to shake up Australian mortgages and finance more generally.

  • Xinja. This neobank launched a prepaid card in 2018 and is planning to roll out a wider range of products, including mortgages. It’s currently trialling home loans on a very limited basis to a closed network.
  • Volt. Another neobank startup, Volt hasn't launched yet but has the distinction of being the first lender of its kind to get a full banking licence. Products are currently being tested.
  • Athena. A fintech that's solely focused on mortgages, Athena launched in 2019 with competitive products for investors and owner occupiers. It bills itself as "the home loan wrecker."
  • Revolut. This UK challenger bank is already helping Australians send money cheaply overseas and is eyeing a more robust rollout of financial products, including mortgages.
  • Tic:Toc. Acting more like a traditional lender, Tic:Toc's high-speed application platform can process a borrower's application in real time.

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