AMP halves turnaround times for loan increases

Non-major bank AMP Bank has launched enhancements to a digital application process in ApplyOnline for customers seeking loan increases on their home loan as well as improving its turnaround times through its partnership with CoreLogic.

According to AMP, the turnaround times for loan increases have reduced from 15 days to under eight days since March this year and, with the latest enhancements, the non-major bank expects this to drop further to less than five days.

The partnership with CoreLogic has also provided new types of digital valuations to “enhance the process and improve the experience for brokers and customers”.

Customers looking to apply for an increase can do so with their broker, who would subsequently submit it on ApplyOnline on the customers’ behalf or through a home loan specialist over the phone or online, AMP told Mortgage Business.

Group executive at AMP Bank, Sean O’Malley, said: “The digitally enhanced home loan increase application enables quicker response times for brokers and customers.

“With our latest enhancements, brokers should start to notice faster response times when applying for a home loan increase, and an improved online experience which makes applications easier and faster for brokers to submit.”

Adding to this, AMP head of lending operations & client assist Melissa Christy, said the process for customers applying to increase their loans takes around 30 minutes to complete.

“Once the form is complete, no matter the outcome, one of our relationship managers will be in touch within two business days to talk through what you’re looking for and how we might help,” Ms Christy said.

However, she flagged that increasing the home loan "means you’re taking on more debt and potentially higher loan repayments", so emphasised that borrowers should "consider [their] circumstances before making any decisions.”

For brokers increasing limits for their clients, Ms Christy outlined that once brokers have gathered all the necessary information (such as the home loan account to be increased, what their intentions are for the extra money; and income, expenses, assets, and liabilities), they can submit an application via ApplyOnline as a “new variations application”.

Mr O’Malley said that the improvements come as AMP Bank focuses on embedding a “digital-first service experience”, adding that having the technology in place to support their brokers and customers is key.

“AMP Bank continues to invest in its home loan processing technology, and we are committed to delivering a strong service experience across our channels,” Mr O’Malley concluded.

[RELATED: Digital valuations rise 33% in 4 years]