NRMA Insurance today announced its entry into the home lending sector with the introduction of NRMA Home Loans, a digital home loan product with a competitive rate and fast and easy application process.
NRMA Home Loans is delivered in partnership with Tic:Toc, a digital home loan platform that will manage the home loan application process through to settlement, and is funded by Bendigo and Adelaide Bank.
NRMA Home Loans offer competitive variable and fixed rate home loans for both owner-occupiers and investors, with the option to include an offset account and linked Visa debit card.
The NRMA Home Loans standard variable interest rate for owner-occupiers is 5.83% pa1 effective 23rd October 2023 (the comparison rate is 5.98% pa2. There will be a special offer for NRMA Insurance customers.
NRMA Insurance CEO Julie Batch said: “We’ve helped Australians protect their homes for nearly 100 years and now we’re extending our help to home loans. NRMA Home Loans will enable us to meet more customer needs across the home ownership journey."
This is an opportunity for us to deepen our long-term relationship with existing customers and attract new customers early in the home buying process.
NRMA Insurance CEO
“NRMA Home Loans will help customers by offering a competitive rate and through our partnership with Tic:Toc, offering a fast and simple application experience.”
As Australia's first and only digital-lender and platform company, Tic:Toc has set the industry standard for automated credit underwriting processes. Tic:Toc operates on its proprietary AI-driven lending platform, which enables more than 70% of the digital home loan market.
Tic:Toc Founder and CEO Anthony Baum said Tic:Toc has revolutionised the home loan customer experience: “Since our launch in 2017, we have made the home loan application process smarter, faster and simpler. Customers can apply for a home loan and finalise their application in less than an hour.
“The demand for digital home loan experiences is growing exponentially, with fully digital home loan processes already being offered by an increasing number of lenders and brands in market, a number of which are powered by Tic:Toc. We expect this trend to continue with more and more customers seeking low-cost home loans via a seamless digital experience.”
The partnership with Tic:Toc to deliver NRMA Home Loans commenced in 2018, with a total of four investments in Tic:Toc by IAG Firemark Ventures, the corporate venture capital arm of IAG, NRMA Insurance’s parent company. IAG’s relationship with Bendigo and Adelaide Bank spans more than 130 years.
1 Terms, conditions, fees, charges and lending criteria apply. Information and interest rate provided is subject to change. Full details available on application. Bendigo and Adelaide Bank Limited (ABN 11 068 049 178 AFSL and Australian Credit Licence 237879) is the credit provider. Credit services are provided by TicToc Online Pty Ltd (ABN 41 605 696 544 and Australian Credit Licence 496431). Insurance Australia Limited (ABN 11 000 016 722) does not hold an ACL. IAL may receive a commission from Bendigo and pay a commission to TicToc if your loan application is approved.
2 Comparison rate displayed is calculated for a variable home loan of $150,000 over 25 years. WARNING: The comparison rate is true only for the example given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.