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Mutual lender adopts digital platform for brokers

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Reporter 5 minute read

A mutual lender has adopted NextGen.Net’s ApplyOnline platform for e-lodgements, as it renews its push into retail banking.

The banking arm of insurance mutual Australian Unity has adopted NextGen.Net's ApplyOnline platform to facilitate “fast and error-free distribution” of its mortgage products as it pursues growth in the retail banking space through the broker channel. 

Speaking of the decision to use the platform, the chief executive of Australian Unity Banking, Tim Barber, said: “ApplyOnline is the primary tool used by brokers. We consulted with our brokers seeking their preference for an electronic lodgement platform and ApplyOnline was the clear front-runner.”

The CEO added that the platform’s ‘Supporting Documents’ tool had “augmented” the mutual bank’s efficiencies

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Like other lenders with a limited branch footprint, Australian Unity Banking is focused on growing through the broker channel.

By providing brokers with tools that make the home loan application process easier and more efficient, the mutual bank believes it will increase sales volumes and reduce operational costs in the home loan market.

Moving forward, Mr Barber said that Australian Unity’s strategic objective was to grow multi-distribution channels.

“We want to build our third-party channel; we also have an opportunity with existing customers of Australian Unity group who may want to buy banking products and services from us,” the CEO said.

“Our enhanced digital capability to service the broker market, along with our focus on traditional relationship banking – which includes bringing banking products to customers of the entire Australian Unity group – means we come to market with a compelling offering under a new brand.”

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In April, Australian Unity announced it was establishing a partnership with investment manager Merricks Capital to originate and manage a $500 million portfolio of senior property loans, including land subdivision, construction financing and bridging finance.

Roy Prasad, head of mortgages at Australian Unity, said at the time that with more than $3.3 billion under management, the mutual company was "well positioned to meet the growing demand for development capital".

[Related: New tech tool to simplify lending process]

Mutual lender adopts digital platform for brokers
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