AMP Bank has announced that it will soon roll out a digital mortgage for retail customers, leveraging Australian fintech Nano’s lending platform to accelerate bringing the digital offer to market.
AMP’s new product, to be launched in the third quarter, will utilise Nano’s digital mortgage platform to offer customers a fully digital mortgage experience capable of providing an unconditional approval for a residential home loan within minutes, subject to their circumstances. It will be funded and offered by AMP.
The offer will be available for new retail, direct-to-bank customers initially through an invitation-only release, followed shortly by a launch to the Australian market.
“Customers increasingly need home loan application approvals at pace, to match the fast-moving nature of the real estate market,” said Sean O’Malley, AMP Bank group executive. “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. A fully digital mortgage offer will enable AMP Bank to better help customers achieve their homeownership aspirations, whether it is a home to live in or an investment property. By leveraging Nano’s market-leading platform we are embracing speed to market and the agility afforded by the partnership. It allows AMP Bank to accelerate its focus on growth through digitising customer experiences. The development of a digital home loan reflects AMP Bank’s ongoing strategic investments in digital technology to simplify and improve customer and intermediary experience.”
