IAG-backed NRMA Insurance (NRMA) has entered the home loan market by launching a digital home loan product, NRMA Home Loans.
NRMA Home Loans offers variable and fixed rate home loans for owner-occupiers and investors while providing them with the option to include an offset account and linked Visa debit card.
The new offering’s standard variable interest rate for owner-occupiers is 5.83% pa.
NRMA CEO Julie Batch said entering the home loan market enables NRMA to deepen its relationship with existing customers while attracting new customers early in the home buying process.
“We’ve helped Australians protect their homes for nearly 100 years, and now, we’re extending our help to home loans. NRMA Home Loans will enable us to meet more customer needs across the homeownership journey,” Batch said.
As part of its launch, NRMA teamed up with Tic:Toc, a digital home loan platform funded by Bendigo and Adelaide Bank. The platform will manage the home loan application process. Tic:Toc has become known for its automated credit underwriting processes, operating on its proprietary AI-driven lending platform that enables over 70% of the digital home loan market.
“Since our launch in 2017, we have made the home loan application process smarter, faster, and simpler. Customers can apply for a home loan and finalise their application in less than an hour,” said Tic:Toc founder and CEO Anthony Baum. “The demand for digital home loan experiences is growing exponentially, with fully digital home loan processes already being offered by an increasing number of lenders and brands in market, a number of which are powered by Tic:Toc. We expect this trend to continue with more and more customers seeking low-cost home loans via a seamless digital experience.”
In other news, NRMA recently adopted enterprise cloud data management leader Informatica’s AI-powered data management cloud platform.
