Newcastle Greater Mutual Group (NGM Grou) has launched its digital home loan offering under its Newcastle Permanent brand, which allows refinancers approval in around 20 minutes.
NGM Group, a merger of the Newcastle Permanent Building Society and Greater Bank, rolled out its new digital home loan product with the aim of providing refinancers a way to get quicker loan approval.
The digital home loan is currently available to refinancers but will be open to new home purchases later this year.
NGM Group CEO Bernadette Inglis said despite the speed and convenience of the newly launched digital home loans, all the right checks and balances are ensured.
“More than just a speedier way to get an outcome, this platform empowers customers to apply for their home loan at a time and location that’s convenient for them, rather than finding time in their busy schedule to have a face-to-face meeting,” she said.
“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.”
Ms Inglis said security is also a priority in the roll out of the digital home loans.
“Our Digital Home Loans utilise sophisticated technology that goes as far as detecting eye movements through facial identification, verifying applicants as real-life people, and matching them with their physical identification cards such as a drivers license,” she said.
Refinancers can apply for the digital home loans in a personalised online portal.
“Customers can feel confident as they watch their application move through the various stages of approval to settlement in real-time.”
Buying a home or looking to refinance? The table below features home loans with some of the lowest interest rates on the market for owner occupiers.
| Lender | Home Loan | Interest Rate | Comparison Rate* | Monthly Repayment | Repayment type | Rate Type | Offset | Redraw | Ongoing Fees | Upfront Fees | Max LVR | Lump Sum Repayment | Extra Repayments | Split Loan Option | Tags | Features | Link | Compare | Promoted Product | Disclosure |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
5.29% p.a. | 5.33% p.a. | $2,773 | Principal & Interest | Variable | $0 | $530 | 90% |
| Promoted | Disclosure | ||||||||||
5.19% p.a. | 5.10% p.a. | $2,742 | Principal & Interest | Variable | $0 | $0 | 80% |
| Disclosure | |||||||||||
5.39% p.a. | 5.43% p.a. | $2,805 | Principal & Interest | Variable | $0 | $530 | 90% |
| Promoted | Disclosure |
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Photo by @codrut-tomescus-images on Canva.
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