Volt is a fully licensed neobank. The company wants to challenge the traditional banking sector and plans to launch mortgages by late 2019.
Volt Bank is one of several Australian fintech and neobank startups planning to make mortgages faster, easier and more rewarding through better technology.
There are very few details about what Volt's mortgages will look like at this stage. We will update this page when Volt provides more information.
Quick verdict
The good
- Volt is promising a convenient, mobile-friendly mortgage solution.
- Volt is a fully licensed bank. In fact it's the first of Australia's neobanks to get an unrestricted banking licence from APRA.
- Volt's senior leadership have strong backgrounds in banking and finance.
The not so good
- Volt hasn't launched yet, so we can't evaluate any of its products or services.
- Volt is definitely designed for tech savvy customers. Volt won't have physical branches, so anyone who needs a face-to-face connection should look for a more traditional bank.
Volt lender profile
- Volt was founded in 2017 by Steve Weston and Luke Bunbury, who both have experience working for large Australian banks like St.George and NAB.
- Volt uses the Temenos Digital Banking software suite to power its banking platform. This is cloud-based software that is compatible with open banking requirements.
- Products are currently being tested in Volt Labs and are not available to the general public yet. Volt plans to launch savings accounts and transaction cards before launching loans.
Volt mortgage features
We don't really know what Volt mortgages will look like, as no details have been announced. Based on statements the company has made, both to the media and on its website, Volt's mortgages will:
- Be offered entirely online and accessible via an app.
- Keep interest rates and fees low to compete with the bigger banks.
- Be designed responsively around customer feedback and driven by data.
- Reward loyalty rather than only offering its best rates to new customers.
Take all of the above with a grain of salt, of course, until Volt launches the products.
Can I apply for a Volt mortgage yet?
You cannot apply for a Volt mortgage right now. You can apply for "early access" through Volt Labs, where you can test their products and provide feedback.
Fintech mortgage competition is growing
Volt 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. They're currently trialling home loans on a very limited basis to a closed network.
- 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
- Athena. A fintech that's solely focused on mortgages, Athena launched in 2019 with competitive products for investors and owner occupiers, and bills itself as "the home loan wrecker."
- 86 400. This digital bank is planning to launch in 2019 with savings accounts first, then home loans. They don't have banking licenses yet but they've hired an impressive line up of banking talent.
- Tic:Toc. Acting more like a traditional lender, Tic:Toc's high-speed application platform can process a borrower's application in real time.
Looking for more mortgage options?
- Big Four banks. Check out home loan rates from Australia's Big Four banks.
- Online lenders. Compare more mortgages from online lenders.
- Non-bank lenders. Compare loans from non-bank lenders.
- Mortgage brokers. Find out how to get free, expert guidance from a mortgage broker.
