AMP Bank’s new process will offer a completely digital experience, claiming to provide unconditional approval for a residential home loan within a matter of minutes subject to the customer’s circumstances.

AMP Bank’s digital mortgage will use fintech lender Nano's tech stack, however will be funded and offered by AMP Bank.

The offer will launch in the third quarter of 2022 for new retail, direct-to-bank customers initially through an invitation only release followed soon-after to the broader 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-enabled digital bank. 

AMP Bank Group Executive Sean O’Malley said customers require home loan application approvals at pace, to match the fast-moving nature of the real estate market.

"Through our digital mortgage offer, we’ll reduce the time to unconditional approval for a residential home loan from days to hours, and in many cases, minutes," Mr O'Malley said. 

"A fully digital mortgage offer will enable AMP Bank to better help customers achieve their home ownership aspirations, whether it is a home to live in or an investment property."

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

"If you can approve a loan in 10 minutes, that's great. 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, moving forward is going to be the people that can't compete with a new service standard or being able to get a loan approved in 24 hours or less - that's really the new battleground."

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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.

Update resultsUpdate
Filters
LenderHome LoanInterest Rate Comparison Rate* Monthly Repayment Repayment type Rate Type Offset Redraw Ongoing Fees Upfront Fees Max LVR Lump Sum Repayment Additional Repayments Split Loan Option TagsFeaturesLinkComparePromoted ProductDisclosure
6.04% p.a.
6.06% p.a.
$3,011
Principal & Interest
Variable
$0
$530
90%
4.6 Star Customer Ratings
  • Available for purchase or refinance, min 10% deposit needed to qualify.
  • No application, ongoing monthly or annual fees.
  • Quick and easy online application process.
Disclosure
5.99% p.a.
5.90% p.a.
$2,995
Principal & Interest
Variable
$0
$0
80%
Apply in minutes
  • No application or ongoing fees. Annual rate discount
  • Unlimited redraws & additional repayments. LVR <80%
  • A low-rate variable home loan from a 100% online lender. Backed by the Commonwealth Bank.
 Disclosure
6.09% p.a.
6.11% p.a.
$3,027
Principal & Interest
Variable
$0
$250
60%
  • No annual fees – None!
  • Get fast pre-approval
  • Unlimited additional repayments free of charge
 Disclosure
5.69% p.a.
6.16% p.a.
$2,899
Principal & Interest
Fixed
$0
$530
90%
  • Available for purchase or refinance, min 10% deposit needed to qualify.
  • No application, ongoing monthly or annual fees.
  • Flexibility to split your loan with both fixed and variable rates
 Disclosure
Important Information and Comparison Rate Warning

Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to be made on variables as selected and input by the user. Some products will be marked as promoted, featured or sponsored and may appear prominently in the tables regardless of their attributes. All products will list the LVR with the product and rate which are clearly published on the product provider’s website. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. *The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of . View disclaimer.

Important Information and Comparison Rate Warning

Image by iHor Saveliev via Unsplash



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