AMP Bank partners with Nano to offer an all-digital home loan process

AMP Bank will use fintech lending platform Nano to offer digital mortgages to retail customers later this year.

AMP Bank’s new process will offer a fully digital experience, claiming to provide unconditional approval for a residential real estate loan in minutes, depending on the customer’s situation.

AMP Bank’s digital mortgage will use fintech lender Nano’s technology stack, but will be funded and offered by AMP Bank.

The offer will launch in the third quarter of 2022 for new retail customers directly from banks, initially through an invite-only version, followed soon after in the wider 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-driven digital bank.

AMP Bank Group Director Sean O’Malley said customers need home loan application approvals at pace, to match the fast-changing nature of the property market.

“With our digital mortgage offering, we will reduce the unconditional approval time for a residential real estate loan from days to hours and, in many cases, minutes,” O’Malley said.

“A fully digital mortgage offering will allow AMP Bank to better help customers realize their home ownership aspirations, whether it’s a live-in home or an investment property.”

Nano CEO Andrew Walker has previously said home loan application times are the new battleground for lenders.

“If you can approve a loan in 10 minutes, that’s fine. 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, going forward, will be people who can’t compete with a new service standard or be able to get a loan approved in 24 hours or less – that’s really the new battlefield.”


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Are you buying a house or looking to refinance? The table below shows home loans with some of the lowest interest rates on the market for homeowners.



Lender


Variable More details
UNLIMITED WITHDRAWALSSPECIAL OFFER

Smart Booster Home Loan Discounted Variable – 2 years (LVR
  • Fast turnaround times, can meet 30 day settlement
  • For purchase and refinancing, down payment min 20%
  • No ongoing or monthly fees, add 0.10% compensation

Variable More details
AN EASY DIGITAL APPLICATION
  • No ongoing fees – None!
  • Unlimited additional refunds
  • Easy online application, quickly find out if you are approved!
  • Redraw – Access your extra payments if you need them
  • Use the app for loan information to help you pay off your home loan faster

Careful variable real estate loan (capital and interest) (LVR
  • No ongoing fees – None!
  • Unlimited additional refunds
  • Easy online application, quickly find out if you are approved!
  • Redraw – Access your extra payments if you need them
  • Use the app for loan information to help you pay off your home loan faster

Variable More details
100% COMPLETE CLEARING ACCOUNTNO APPLICATION FEES OR ON-GOING FEES

Low Rate Home Loan – Premium (Principal & Interest) (Owner Occupant) (LVR
  • No upfront or ongoing fees
  • 100% cleared account
  • Additional refunds + withdrawal services

Variable More details
NSW/VIC/SA METRO AND INLAND REGIONAL AREAS$5000 REBATE. T&Cs APPLY.

Variable real estate loan (capital and interest)

  • No upfront or ongoing fees
  • 100% cleared account
  • Additional refunds + withdrawal services


Basic criteria: a loan amount of $400,000, variable, fixed, principal and interest (P&I) real estate loans with an LVR (loan-to-value) ratio of at least 80%. However, the “Compare mortgages” table allows calculations to be made on the variables selected and entered by the user. All products will list the LVR with the product and price list which is clearly published on the product supplier’s website. Monthly repayments, once the basic criteria are modified by the user, will be based on the advertised prices of the selected products and determined by the loan amount, repayment type, loan term and LVR as entered by the user. user/you. *The comparison rate is based on a loan of $150,000 over 25 years. Please note: this comparison rate is only true for this example and may not include all fees and charges. Different terms, fees or other loan amounts may result in a different comparison rate. Rates correct as of May 20, 2022. See disclaimer.


Image by iHor Saveliev via Unsplash

The entire market has not been taken into account in the selection of the products above. Instead, a reduced portion of the market was considered. Products from some vendors may not be available in all states. To be considered, the product and price must be clearly published on the product supplier’s website. Savings.com.au, yourmortgage.com.au, yourinvestmentpropertymag.com.au and Performance Drive are part of the Savings Media group. In the interest of full disclosure, Savings Media Group is associated with Firstmac Group. To learn how Savings Media Group handles potential conflicts of interest, as well as how we are paid, please visit the website links at the bottom of this page.

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