NextGen's digital services speed up home loan approvals in Australia

NextGen, the Australian developer of lending technology solutions, has announced a significant increase in efficiency for brokers and lenders using their digital services on the ApplyOnline platform. The benefits have been experienced mainly through faster approval times on home loan applications.

Reports illustrate that applications using NextGenID, a digital Verification of Identity (VOI) service, have seen a 25 percent reduction in time to approval, equating to up to four days' quicker processing time for home loan applications. This significant improvement can be attributed to the effective third-party tools integrated into ApplyOnline, accessible to brokers at no extra cost. The system called NextGenID minimises requests for missing information (MIRs) from lenders by ensuring the identification process's successful completion, thus leading to faster approvals.

NextGen's Head of Lender Partnerships, Mike Ponsonby, said, "Lenders recognise the immense value of NextGenID in expediting mortgage approvals and enhancing customer satisfaction." He adds, "Our mission is to empower brokers and lenders with cutting-edge tools that elevate the home buying experience and make lending easy."

Ponsonby continues, "When lenders are working hard to drive productivity gains and cost reductions across the mortgage value chain, a service like NextGenID is enabling material outcomes."

The NextGenID service offers real-time biometric, document, and data verification, digitising the administrative process of collecting and verifying a mortgage applicant's identity. This is essential for meeting the Anti-Money Laundering (AML) and Know Your Customer (KYC) requirements of lenders.

NextGen has reported a 25 per cent increase in usage of NextGenID over the past two months. One notable statistic presented is that one lending institute received one-third of applications with NextGenID verification.

Among lenders backing the use of the NextGenID service within the ApplyOnline platform are AMP, Bank of Queensland, Bendigo Bank, Beyond Bank, BankVic, CBA, Great Southern Bank, Macquarie, Resimac, Thinktank, Pepper Money, St.George, Westpac, and Virgin Money Australia. These establishments are recommending it for all home loan applications.

NextGen's ApplyOnline training programme has highlighted that many brokers were initially unaware of the availability of complimentary digital services on the platform. These include NextGenID, the Access Seeker Credit Report service, ApplyOnline eSign, and open banking services. These services aim to streamline administrative tasks, allowing brokers to focus more on assisting their clients and improving the overall home-buying experience.