Home Loan ingredients anyone?

We know we’ve asked before but it’s been a while… We had a great chat with some Xinja customers last week at Xinja Labs on this and they talked about their favourite home loan recipes :hamburger:

So, tell us what yours would be?

Main ones would be for me:

  • Competitive interest rate with combination of; Variable, Fixed and combination options
  • Redraw facility
  • Offset account - on top of this like the multiple stashes would be great to have multiple offset accounts (or buckets) so you can combine all and acts to offset the interest repayments while also being able to track little goals in it as well

Looking at a few home loans for my first home loan within the next two years so if Xinja can have these would definitely consider going with them!

:ninja_emojis_blue_01: :ninja_emojis_blue_01:


Ooh as someone who is also about two years off a home loan :crossed_fingers: I like the offset idea too!


The following are essential for me to consider Xinja for mortgage:

  • ability to easily refinance from an existing loan
  • internet banking site - I do not want to apply for and manage something as important as my mortgage on a mobile phone. While you’re at it allow me to manage my bank accounts online too
  • Split loan (Variable and Fixed combination.- best of both worlds for the risk averse)
  • Redraw facility

I have been through this process a few times, so have some thoughts.

I agree with the community that home loan features are important, however I strongly feel that the home loan process is just as important.

I should say that I haven’t purchased/refinanced for 4 or 5 years, so some of industry standard processes around mortgages and settlements may have changed.

A lot of this goes without saying, however:

1. Minimise Data Entry:
Issue: Mundane data entry is tedious; time consuming and low value add
Suggestion: I would love to see you guys leveraging automation/open banking as much as possible to minimise data entry

2. Process Tracker:
Issue: The HL/Mortgage process is long, confusing and can be difficult to know where you are in the process
Suggestion: A simple tracker that sets-out the key steps, where you are in the process and expected time lines. Sounds easy, but the banks really struggle with this one.

3. Minimise Paper work:
Issue: The traditional mortgage document pack for execution is incredibly painful. My last mortgage doc pack with UBank was a horrible, clunky process that was prone to human error (from memory they outsourced to a small law firm). It needed to be resent in the end because I innocuously missed one of the dozen or so signatures required.
Suggestion: I realise there may be limitations on what you can do here from a legal perspective and things vary State to State, however, I would love to see as close to a paperless process as possible.

4. Tight Lawyer/Conveyancer Integration:
Issue: Most people don’t have an established ongoing relationship with a lawyer/conveyancer. Depending on the state, the process is relatively low value add and choosing one in painful (they are all small and can appear dodgy). You also end up being the middle-person between the bank and conveyancer chasing things up on both sides.
Suggestion: I would love to see a tight integration with an online conveyancer (or Panel with a simple fixed pricing) to make the process as seamless as possible and minimise needing to follow things up unnecessary.

Hope this helps.


while i dont possess a current HL, the biggest hurdle to begin with is joint acct holders and putting in place HLs guides. I have found that when external brokers fail to educate people and then they are under the impression that there is a level of access to the loan. Define how access levels to HLs and then work on joint acct holders, this combined with other suggestions (jury out on having a stash account as an offset account tho) and it should be a recipe for success #xinja

In addition to the ideas mentioned above, Xinja should never ever make UBank’s mistake of having their banking platform alien to their home loan platform. It’s annoying to not have instant flow of funds (we’re talking 2 to 3 days here) between a UBank transaction account (home loan repayment) and UBank home loan account (redraw). No amount of explanation could convince customers why a bank’s products do not speak natively to each other.


@Karvy love your ideas here! Interested in hearing more about the combination of fixed and variable interest - how would you see this working? When you apply for your loan would you set your mix (X% of fixed, X% of variable) or something different?

And we’re working towards having multiple offsets - tagging @SmileyXinja

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Hey @brett thanks for your ideas! Like Karvy above, I’d love to hear how you imagine the combination of fixed and variable interest could work when you’re going through an application?

Keen to understand more your feelings about applying for and managing your home loan on a mobile phone. What is it about the home loan that makes you feel this way? And are you more comfortable applying / managing other banking products (like a bank account) on mobile?

Can’t wait to hear your feedback!

@Heismt hello! Thanks for the feedback. Can you talk me through the ‘level of access to the loan’ and the experiences you’ve had before with brokers on this?

What features would you be looking to see with joint account holders?

Thanks @WorkoutXinja! Hope you’ve got some gym gear at home in these crazy times; missing the gym haha. In terms of combination I guess there could be different rates on the variable part and fixed part, then the repayments can be adjusted accordingly. This could involve maybe set ratios when applying; a common one is 50/50 another option could be 25/75 either way. Where there is a limit to how many extra payments one can make in terms of the variable part of the loan. Still a lot of learning to do on my part but these are the things that really appealed to me. Great to hear you’re working on multiple offsets, that’s going to be a major part of my decision. Of course competitive interest rates are definitely going to be too!

Love the feedback, thanks @Karvy! And yes, I’ve been gymming it up here at home as much as I can, it’s testing my creativity I must say :wink: Hope you’re managing to say fit and well with the gyms closing for now too. Chat soon

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I think that very competitive interest rates in number one.

Easy application process - especially if doing a refinance from another financial institution.

Ability to split the loan - not on a percentage base - say I want 400k - I should be able to request 50k in variable and 350k fixed or what every I want.

Offset account for the variable and redraw (even better would be an offset and redraw facility against the fixed loan - limited to say a similar amount that you can pay back early - ie with ANZ you can pay an extra XYZ% off the fixed amount without penalty inside the fixed period - allowing a similar thing with an offset with the ability to withdraw it would be awesome)

When the interest rates are changed the customer gets the best rate - say that the variable rate goes down by XYZ basis points for new customers that existing customers get this also. Most banks make you churn to another bank to get the best rates - I take it you dont want Churn…also when the Fixed Rate period is up, offer the existing customer the best rate - again dont make them churn.

@WorkoutXinja levels of access I am talking about for a loan could be:

  • Joint (50/50 ownership)
  • signatory
  • guarantee/guarantor
  • 3rd party authority.

These differ depending on what the owners decide on.
Brokers often fail to provide crucial information (like customer ID numbers) and then fail to inform the member of the steps that the loan will go through before the loan settles.

With joint account holders, I would want to see the ease of opening a joint account without having a staff member set up the relationships on the system. For redraws on loans, authorisation to redraw from the loan on the app.

I’ll be a potential first time home loan customer in :crossed_fingers: the very near future. I’m finding all this time at home perfect for completing that critical – but time consuming – research and due diligence. This topic has been extremely helpful, cheers everyone. When I am ready to apply, I should be one well-informed borrower.

Last I read (prior to end of March lockdowns), Xinja’s HL launch was a few months away (and may have since been pushed out?). What’s the best way of registering my interest/subscribing to official comms re the new HL product once these are ready for market?

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Hey @Jill - if you’re already a Xinja customer, you’ll hear about home loans! If you want an early invite, then do email homeloans@xinja.com.au. We are looking at the end of the year for Home Loans now - we’re launching personal loans next quarter (which, as you can imagine, is part of the way there).

DONE – thanks @CaptainXinja!

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Keep it simple is the number one ingredient and with that in mind, my recipe for home loan is, assuming we’re talking about product features not origination.

Competitive Interest Rate

No Fees for Extra Repayments or early payout

Redraw Facility

Loan Portability

Loan Top Ups

Interest Offset Accounts

That’s all for now folks.