New automated platform cuts loan processing times and improves customer experience
This article was produced in partnership with Loanworks
Loanworks, a leading provider of software solutions to financial institutions, was selected by the South Australian government backed home loan lender, HomeStart, as its preferred technology vendor. In October this year, the new platform went live.
“Our partnership with HomeStart helps make home finance more accessible and affordable and we are excited by this development and look forward to building on our relationship,” said Loanworks CEO, Satish Chand (pictured above on right).
“The team at HomeStart worked with Loanworks to rethink and automate processes to enhance workflows and deliver faster turnaround times from application to settlement,” he added.
The company has a 20-year history of partnering with many of Australia’s leading brands in the industry. This includes mutual banks, large non-bank lenders, aggregators/broker groups, and a ‘Big Four’ bank as well. Its origination solution supports all product types and handles everything from customer onboarding, credit assessment, decisioning and approval, through to document preparation and settlement.
For 35 years, HomeStart has helped South Australians achieve their home ownership dreams. Traditional lenders don't meet everyone's needs and HomeStart fills that gap with innovative options that are tailored to the South Australian community's diverse needs.
Loanworks’ strategy includes leveraging highly-engaged employees to continuously improve the use of technology and improve operational quality to increase productivity and improve the customer experience.
The SaaS solution delivered by Loanworks improves customer experience, reduces time to decision, controls cost to originate, and ultimately, increases the level of profit by automating and digitising the entire lending workflow. Furthermore, the software solutions and SaaS services provided for HomeStart are APRA-compliant and certified under ISO standards and the SOC2 framework.
“Our ‘why’ is to free up time for our customers,” said Chand. “For lenders, we do this with software solutions, so they can focus on the things that matter, rather than the things that can be automated.”
Greg Phillips, general manager for customer engagement at Loanworks, is equally upbeat about their newly launched platform. “We're excited to have commenced our partnership with HomeStart and look forward to working strategically with them to navigate the potential industry challenges ahead. A strong alignment of values and approach between Loanworks and HomeStart supports our respective focus on continuous improvement, automation, and creating a seamless customer experience.”
Following a competitive tender process in 2023, Loanworks was chosen as HomeStart’s preferred technology vendor to provide origination software and lending workflow solutions, under a non-exclusive multi-year contract. It was engaged to design, build, configure, implement, and support a home loan origination solution for customer onboarding across online digital, direct, and third-party broker channels – which is now live, in the post-implementation phase.
Loanworks also arranged external data verification services, integrated with internal HomeStart systems, managed customer documentation, automated credit decisions, and streamlined the lending workflow – from start to finish.
South Australians struggling to purchase their home can now interact with HomeStart across all mediums – whether applying for a home loan online, working with their preferred broker, or seeking help from a HomeStart Home Loan Specialist. The end-result is a user-friendly, fully digital, home loan application process that facilitates timely communication and faster decision-making.
“Our partnership with Loanworks is already delivering significant value to our customers and brokers, reinforcing our commitment to innovation and excellence," said HomeStart CEO, Andrew Mills (pictured above on left). "Thanks to these technology upgrades, brokers are experiencing a smoother, more streamlined loan process that’s making a real impact. We’re excited that many South Australians will benefit from this collaboration well into the future.”
Loanworks is a leading provider of software solutions to financial institutions across Australia. For almost 40 years, the company has helped lenders, aggregators and brokers make loans more profitable. Their tailored solutions combine innovative software, reliable outsourcing services and simple lending products. Loanworks streamline loan origination, processing, compliance and commissions management, so their clients can work more efficiently, reduce errors and release capital for reinvestment. And, of course, serve their customers better.
