Newcastle Permanent launches digital mortgage

Newcastle Permanent – part of the newly merged Newcastle Greater Mutual Group (NGM Group) – has launched a digital mortgage proposition that can reportedly conditionally approve loans in 20 minutes.

Digital Home Loans, initially only available direct-to-consumer for refinance applications, enables borrowers to submit applications to the lender “wherever they want, whenever they want” via an online portal.

By harnessing an online application and using technology to gather documentation such as bank statements, payslips, and records of monthly spending, the digital mortgage aims to help borrowers secure a mortgage more quickly.

Borrower identity is also verified using digital tech that can detect eye movements through facial identification and open APIs are used to enable the lender to match the applicant with their physical identification cards, such as a driver’s licence.

The technology is powered by a range of solutions, including those from OCR Labs, DocuSign, illion, CoreLogic, LendFast, and Loanworks.

NGM Group chief executive Bernadette Inglis said the new service was designed with speed and convenience in mind and had already seen a home loan lodged and conditionally approved in around 20 minutes.

“More than just a speedier way to get an outcome, this platform empowers customers to apply for their home loan at a time and location that’s convenient for them, rather than finding time in their busy schedule to have a face-to-face meeting,” Ms Inglis said.

“Thanks to the service’s cutting-edge technology, there is no need for customers to manually gather documentation such as bank statements, payslips and records of monthly spending – our secure platform helps collate this information.

“The Digital Home Loan will change the way customers think about applying for a home loan and, of course, should customers need any help, our award-winning, local team will be on hand to assist.

“Customers can feel confident as they watch their application move through the various stages of approval to settlement in real-time.

“As we see this technology used by more and more customers, its financial benefits will start to really come into effect, helping us to offer even more competitive rates for our customers.”

It is expected that the Digital Home Loan will be expanded to include new home purchasers later this year and broadened out to the broker channel in future.

[Related: 4 Australian mutuals become 2]