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Major bank launches online home loan approval tool

by Reporter10 minute read
credit card nab bank online home loan

A big four bank has officially launched a digital tool that enables customers to apply online for conditional approval for a new home loan.

Following on from the news that AFG, ING DIRECT and Macquarie Bank were trialling iSelect’s online conditional approval home loan service, big four bank NAB has now revealed that it has also launched a similar tool, which negates the need to meet a banker or broker face-to-face.

Launched to make it “simpler, easier, and more convenient” for customers to get loan approval, NAB goAHEAD allows NAB customers to apply online for conditional approval of their mortgage at any time of day, and receive an response within minutes.

According to the bank, the process is “the most comprehensive online conditional home loan approval currently available in Australia” and allows those that receive conditional approval to “make an offer on a property the very same day”.


NAB customers can access NAB goAHEAD online and then fill out the application form in around 15 minutes. As part of the application, customers are asked about their financial position, including their employment, income, assets, and expenses.

As with all conditional home loan approvals, such as those done through brokers, NAB will verify the customer’s financial position (through a third-party credit report) and the security being purchased, and check that the loan is suitable for the customer. Eligibility criteria for using the application also applies.

Customers can then upload, receive and accept loan documents online through NAB’s Personal Banking Origination Platform, which was rolled out across the organisation this year, and receive internet banking and text message updates on their application progress.

NAB has said that anyone needing assistance will be supported with a live chat functionality, or can ask their broker to go through the online application process with them. 

Speaking of the launch, NAB general manager of home lending Meg Bonighton said: “We’re saving our customers time and stress, and helping them make an offer on a property with confidence.

“Until now, Australians have only been able to receive a rough guide on what they can borrow via online forms. What we’re giving customers through NAB goAHEAD is true conditional approval — just like they would receive if they spoke directly with a NAB banker.

Ms Bonighton added that the bank is aiming to create a “a seamless online experience for [its] customers” and said that the new tool is “a significant step forward in [NAB’s] move to fully digitise the home lending experience so that customers can more conveniently, simply and easily make their home ownership dreams a reality”.

[Related: Major aggregator trialling digital mortgage process without brokers]

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