AMP Bank’s new process will offer a completely digital experience, claiming to provide unconditional approval for a residential home loan within a matter of minutes subject to the customer’s circumstances.
AMP Bank’s digital mortgage will use fintech lender Nano's tech stack, however will be funded and offered by AMP Bank.
The offer will launch in the third quarter of 2022 for new retail, direct-to-bank customers initially through an invitation only release followed soon-after to the broader Australian market.
AMP Bank is leveraging Nano's technology to enhance its lending experience for customers with a focus on digital technology to continue the journey to become a technology-enabled digital bank.
AMP Bank Group Executive Sean O’Malley said customers require home loan application approvals at pace, to match the fast-moving nature of the real estate market.
"Through our digital mortgage offer, we’ll reduce the time to unconditional approval for a residential home loan from days to hours, and in many cases, minutes," Mr O'Malley said.
"A fully digital mortgage offer will enable AMP Bank to better help customers achieve their home ownership aspirations, whether it is a home to live in or an investment property."
Nano CEO Andrew Walker previously said home loan application times are the new battleground for lenders.
"If you can approve a loan in 10 minutes, that's great. You can approve a loan in half an hour or an hour - that's fine, too," Mr Walker told Savings.com.au.
"The real battleground here, moving forward is going to be the people that can't compete with a new service standard or being able to get a loan approved in 24 hours or less - that's really the new battleground."
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