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The partnership gives OwnHome access to NextGen’s mortgage lodgement and verified data infrastructure, as it seeks to deepen relationships with aggregators and broker groups.
A non-bank specialising in low-deposit loans, OwnHome offers loans of up to 100 per cent loan-to-value ratio (LVR) without lenders mortgage insurance.
Under the arrangement, brokers will be able to submit applications directly to OwnHome through NextGen’s ApplyOnline platform, with data and document transfer feeding into OwnHome’s loan origination environment.
OwnHome has also adopted NextGen’s Financial Passport as part of the application process.
Financial Passport incorporates open banking, Access Seeker Credit Report and NextGenID for digital verification of identity, with verified Consumer Data Right data then flowing into OwnHome’s AI credit decisioning platform, Slate.
OwnHome said the combination of ApplyOnline at lodgement, Financial Passport verified data and Slate at the credit decisioning stage is intended to support faster and more consistent loan assessment.
“We’ve seen incredible demand from brokers and their clients who are ready to buy but don’t have access to a 20 per cent deposit or the bank of mum and dad. NextGen’s platform gives us the technology foundation to meet that demand at scale,” James Bowe, co-founder at OwnHome, said.
“ApplyOnline and the Financial Passport bring broker-submitted applications into OwnHome with verified data from day one. That’s exactly what Slate – our AI credit decisioning platform – needs to deliver, decisions in minutes rather than days, with credit policy applied consistently on every application.
“Together, it means brokers get certainty for their clients, faster.”
Commenting on the partnership, Mike Ponsonby, head of lender partnerships at NextGen, said: “We work with over 60 lenders across Australia, and it’s always exciting to partner with innovators like OwnHome who are actively removing barriers to home ownership.
“NextGen’s strength is in working nimbly with emerging lenders to help them scale their point of difference through the broker channel.
“We’re proud to be a critical partner in OwnHome’s growth strategy.”
[Related: Beyond Bank enters partnership with NextGen]
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