Mutual lender Newcastle Permanent launches digital mortgage with a human touch

Mutual lender Newcastle Permanent launches digital mortgage with a human touch

Newcastle Greater Mutual Group (NGM Group) has announced the first significant project of the newly formed entity has been delivered – a piece of cutting-edge technology that took months to build and around 20 minutes to first deliver results!

Digital Home Loans are now live on the Newcastle Permanent website, a new way of enabling consumers to apply for a home loan on their own terms, in their own time, and on their own devices.
Bernadette Inglis, Chief Executive Officer of NGM Group, said Digital Home Loans were a microcosm of what the Group is bringing to the table for Australian banking.

“Part of our purpose has always been delivering for our customers all the convenience and security that comes with technological innovation, but in a way that spotlights human connection – our Digital Home Loans are another example of that,” Ms Inglis said.

“For us, it’s about innovating in a way that honours the trust and satisfaction we’ve built with our customers through 200 year of combined banking experience – that personal touch is what we have built our brands on.”

Ms Inglis said Digital Home Loans would be a huge benefit to time-poor customers.
“With our new Digital Home Loans, customers don’t need to provide physical copies of their documentation, they simply log on to our system, give us some basic details, and we collect and collate all the info we need – in a way that keeps their data totally safe and secure,” said Ms Inglis.

“Of course, should customers need any help at any point in the process, our team is on hand to assist.”

Ms Inglis said not only were Digital Home Loans far faster and more convenient from an application perspective, but they can also slash time required to conditionally approve a loan.
“Our first successful Digital Home Loan was conditionally approved in around 20 minutes,” Ms Inglis said.

“While not every single loan will be approved this quickly, the process is easier to follow than ever before, with customers able to track online where their loan is up to in the approval process in real time.”

Available for eligible refinancing customers, Newcastle Permanent will roll Digital Home Loans out for new home purchases in the coming months, with Ms Inglis saying the technology would be available through Greater Bank in the not-too-distant future.

“One of the best aspects of this technology and digital capability is that it can be leveraged across both brands,” Ms Inglis said.
“This has been an in-depth process for Newcastle Permanent but now we’ve done the initial legwork, it will be a far shorter timeline to bring it to market for Greater Bank.

“Streamlining processes and utilising the talents of two formerly separate teams – we had some extra expertise on this from the talented people who were able to join the project as a result of the merger – was an obvious opportunity for improvement that was brought about by forming NGM Group.”

Ms Inglis also said that as the technology was rolled out across brands, the benefits would go beyond home loan customers.

“Our new method of digitally identifying customers could be used across more products and services, streamlining processes across NGM Group,” said Ms Inglis.

“Ultimately, Digital Home Loans keep us at the front of the pack in an increasingly competitive market for home loans, with a technology platform that we’re confident is as robust as any other lender in Australia can offer.”