“Inaction Figure” attacks the traditional mortgage industry
With 75 percent of Australians frustrated with the traditional home loan process, Australian fin-tech Nano has launched the world’s first “Inaction Figure” aimed at targeting the lending industry.
The “inaction number” symbolizes the frustrations Australians have with traditional lenders when it comes to homeownership and refinancing.
Some of the biggest frustrations include confusing jargon (72 percent), too much paperwork (48 percent), and slow processes and hidden fees (55 percent), according to new research from Nano.
To challenge the traditional approach to refinancing and mortgage lending, Nano launched the tongue-in-cheek “Inaction Figure” campaign to symbolize the many frustrations Australians experience with traditional lenders.
Half of Australians say loan approvals can take up to four weeks, while 20% think it can take up to two months.
Most Australians think the mortgage industry is designed to benefit the lender (85%).
The study also found that Australians want change, with 86% of participants believing that technology could be used to facilitate home loans.
Selling Houses Australia presenter Andrew Winter believes the Inaction Figure campaign couldn’t come at a better time.
“Australians have for too long experienced poor customer service, red tape, unnecessary jargon, opaque prices and complicated forms when it comes to managing their mortgage,” said Winter.
“The Inaction Figure is the perfect anti-hero to embody this dissatisfaction with systems designed to benefit the lender, not the borrower. “
- 75 percent of Australians are unhappy with home loan processes, citing poor customer service and hidden fees.
- Australians are frustrated with the traditional home loan process, citing confusing jargon (72%), slow process and hidden fees (55%) and too much paperwork (48%) as key issues.
- 85% of Australians believe the market benefits the lender, not the borrower.
- 70 percent of Australians believe the mortgage market lacks innovation.
- 71% of Australians feel like they’ve been scammed by their mortgage lender.
- 86% of Australians believe the technology could be used to facilitate home loans.