What is BaaS and how does it apply to mortgages?

BaaS stands for Banking as a Service, which allows non-traditional lenders to offer financial products through digital platforms. In the context of mortgages, BaaS enables companies like Volt to provide fully digital mortgage products with faster approval times by leveraging technology and streamlined verification processes.

How fast is Volt's mortgage approval process?

Volt offers fully verified mortgage approvals in less than 15 minutes through its digital mortgage product following the acquisition of Australian Mortgage. This is significantly faster than traditional lenders, where unconditional approvals typically take more than two weeks, particularly for broker-introduced customers.

Why did Volt acquire Australian Mortgage?

Volt acquired Australian Mortgage to enable the delivery of its digital mortgage product at scale and to offer customers faster, fully verified approval times of less than 15 minutes. The acquisition strengthens Volt's position as Australia's first neobank and expands its financial services offerings beyond traditional banking products.

Volt acquires Australian Mortgage to unleash 15-minute BaaS mortgages at scale