Aussie turns on web loans

Aussie Home Loans will launch an Internet-based mortgage loan service which will provide instant responses to loan applications. Aussie has built an electronic submissions portal, creating a platform which will be open to all brokers and lenders. ANZ has signed up with Mortgage Choice, Australian Finance Group, Commonwealth, ING and Macquarie Bank likely to join soon. Other companies that currently accept mortgage applications online include eChoice, Westpac and Wizard Home Loans. Aussie's service will initially enable its mobile sales force to approve home loans within minutes. In about 12 months' time approvals will be made directly via the Internet.