Westpac launches digital mortgage with aims of becoming a digital first bank

Westpac has today announced the next steps in becoming a digital first bank and transforming the products and services offered for customers.

The changes include a digital mortgage where customers can gain unconditional approval in as little as 10 minutes, new features in the Westpac app and an enhanced digital strategy for branches to help customers bank anytime, anywhere.

Westpac Group CEO Peter King says the changes are being driven by customers who want banking services that are fast, secure, and personalised to meet their needs.

“What we are announcing today is a step towards our future banking network and service model. We have five million digitally active customers, so we’re building a better digital banking experience,” King said.

“Integrating new digital technology throughout Westpac’s branches is a key component of the bank’s customer service strategy. We are investing to create a digital first bank, where customers can choose to interact with us through online channels from start to finish. We’ll also continue to support customers seeking face-to-face service through our bankers and broker network,” King added.

Westpac’s new digital mortgage will offer refinancers a simpler digital mortgage process where customers can gain unconditional approval in as little as 10 minutes.

This streamlined process will be available in the final quarter of 2022 for new and existing owner-occupier sole applicants refinancing to Westpac’s Flexi First variable home loan. It will then be expanded to a range of other customers and mortgage products.

“This innovation is about digitising our end-to-end mortgage processing to make the time from application to unconditional approval easier and faster, with no paperwork. We are starting by targeting new or existing owner-occupiers looking to refinance, but over time the benefits will be felt by more customers,” King said.