Newcastle Greater Mutual (NGM) Group aims to provide refinancers a quick and convenient way to secure a new loan with the launch of its digital home loans.

With NGM Group’s digital home loan, refinancers can get a conditional approval in as fast as 20 minutes.

The digital home loans are available under the Newcastle Permanent brand.

According to its website, borrowers can get up to $3,000 cashback when they refinance to a Newcastle Permanent loan. The digital home loans are slated to be available for new borrowers later this year.

NGM Group CEO Bernadette Inglis said technology plays a huge part in making the fast turnaround for the digital home loans possible.

“Thanks to the service’s cutting-edge technology, there is no need for customers to manually gather documentation such as bank statements, payslips and records of monthly spending – our secure platform helps collate this information,” she said.

Ms Inglis said while the new service was created with speed and convenience in mind, ensuring responsible lending by maintaining appropriate checks and balances, and enforcing security remain top priorities.

“Our digital home loans utilise sophisticated technology that goes as far as detecting eye movements through facial identification, verifying applicants as real-life people, and matching them with their physical identification cards such as a driver’s license.”