Same-day home loans could become a reality in Australia as electronic signatures help speed up the process.

Global company DocuSign is working with some of the nation’s largest banks to help fast track the time-consuming home loan process which can take many applicants three to four weeks before they are stamped with approval.

The new program which already exists around the world allows documents to be electronically signed resulting in mortgage applications — particularly in the later stages — to be approved at a much faster rate.

MORTGAGE FRAUD BY BANKS AND BROKERS IS THE DIRTY SECRET

YOUR MORTGAGE SHOULD NOW START WITH THE NUMBER 3

The process of approving home loan applications could be quickened with the rollout of electronic signatures.Source:istock

In the US same-day home loans are already a reality and DocuSign’s Australia and New Zealand spokesman Adrian Wicks said the introduction of electronic signatures on mortgage documents here would help boost home loan competition.

“We are working with most of the banks and some of the bigger brokers at the moment to make this a reality, there’s a bit rush on to do this,’’ he said.

“Banks in the US are offering same-day mortgages and you will see it very soon in Australia and New Zealand.

“It’s a competitive differentiator with interest rates being very similar and the service offered being very different across the banks.”

Mr Wicks believes it will allow lenders to snare customers they otherwise wouldn’t have because of the fast-pace at which loans could be approved.

Homeloanexperts.com.au’s managing director Otto Dargan said home loan approval processes need to be quicker in Australia.Source:Supplied

Homeloanexperts.com.au’s managing director Otto Dargan said Australian banks need to pick up their game and enable home loans to be processed more quickly.

“In the UK it’s possible to get a home loan within a week yet here it usually take three to six weeks to arrange a home loan,’’ he said.

“There are significant regulatory and risk management requirements which mean that a bank can’t just hand over the cash in an afternoon.

“However the banks have been working on this problem and coming up with innovative ways to achieve a better customer experience.”

The DocuSign program allows consumers to sign documents with their finger on devices including smartphones and tablets.

TWITTER:@sophieelsworth

EMAIL:sophie.elsworth@news.com.au