Newcastle Permanent opens digital home loan service to new homebuyers

Newcastle Permanent will now be accepting applications from new homebuyers for its digital home loans service.

First launched early this year for refinancers by the broader Newcastle Greater Mutual (NGM) Group, Newcastle Permanent’s digital home loans allow for faster approvals, with loans getting approved in as quick as 20 minutes.

To ensure the ease of loan application process and the safe handling of borrower data, Newcastle Permanent collaborates with OCR Labs, DocuSign, illion, CoreLogic, LendFast, and Loanworks in delivering the digital home loan service.

NGM Group CEO Bernadette Inglis said technology has a crucial role in safeguarding the fast turnaround for the digital home loans.

“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,” she said.

Newcastle Permanent chief distribution officer Paul Juergens said digital lending, which makes up around 5% of the group’s mortgage sales, is expected to grow quickly.

“We’ve taken our time, initially launching to refinancers to ensure the platform was robust and ready to handle a larger number of applications,” he said.

“We’re excited to offer this to the wider market, particularly to younger Australians, who we anticipate will drive demand for digital home loans.”

Mr Juergens said a key feature of Newcastle Permanent’s digital home loans is its “human touch”.

“We believe having our people available for customers should they need assistance is key to ensuring they have a smooth experience,” he said.

“There’s no point having a digital home loan offering if a customer gets frustrated, gives up and feels the need to come into a branch anyway – we aren’t differentiating ourselves if that’s the process,” he said.

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