AMP Bank has partnered with Equifax Verification Exchange to streamline income and employment verification, reducing friction for PAYG home loan applicants and speeding up approvals for brokers and their clients.
The announcement forms part of AMP’s broader rollout of its new AMP Bank Broker Platform, a digital lending solution designed to simplify workflows and reduce time to “yes”.
The move comes as AMP Bank reports a 2.8% year-on-year increase in residential mortgages, lifting its home loan book to $23.3 billion in Q2 2025. With interest rate cuts boosting borrower demand and lenders trimming pricing to stay competitive, AMP is leaning on digital transformation to enhance service and preserve margins.
Equifax’s Verification Exchange is a secure, consent-based platform that connects directly with employer and payroll data sources to deliver verified income information in real time.
It allows brokers and lenders to instantly request an automated employment income report from a centralised exchange, removing delays tied to HR or payroll departments. This reduces fraud risk and speeds up decision-making with more reliable due diligence.
“It means that there is no need for the applicant to upload copies of their payslips to verify their income,” AMP Bank said in an announcement.
The system is fully integrated into Loanapp, enabling brokers to compare verified income with declared figures and run serviceability scenarios with greater confidence.
When brokers submit PAYG applications via Loanapp, the platform connects with Equifax to retrieve payroll-sourced income data – reducing the need for documents and manual verification. If the broker opts to use the verified figure, the loan can progress faster with fewer touchpoints.
This, AMP said, is a meaningful step toward “replacing documents with data,” while upholding responsible lending obligations and protecting customer privacy.
Equifax’s platform also helps mitigate fraud risks such as salary staging, inflated income declarations, and payslip tampering.
AMP says this capability not only reduces admin, but also strengthens compliance and gives brokers “smarter tools” to help clients secure home loans faster.
With mortgage competition intensifying and borrower expectations rising, AMP Bank’s Equifax integration is part of a wider strategy to modernise its broker ecosystem and adapt to fast-changing market conditions.
“In this environment, we remain focused on the ongoing execution of our strategy,” said AMP CEO Alexis George (pictured).
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