'Many feel they must choose between enjoying life today and protecting tomorrow – a trade-off they shouldn’t have to make,' says AMP Bank's Sean O'Malley
As the year comes to a close, MPA catches up with the biggest names in mortgage finance to get the lowdown on the year that was, while looking towards the year ahead.
In this installment, Sean O'Malley, AMP Bank's group executive, discusses the anxieties facing Australian mortgage holders – and how the industry can help.
What were the trends that defined the mortgage industry in 2025?
2025 was the year the ‘mortgage + life stage’ conversation became real – and it needed to. More Australians are carrying mortgages closer to, and even into, retirement. Add cost-of-living pressures and many feel they must choose between enjoying life today and protecting tomorrow – a trade-off they shouldn’t have to make.
As an industry, we need to help solve these challenges by offering loans better suited to changing demographics and evolving circumstances, and that help our customers feel more in control of their financial futures.
We must never lose sight of customer security, strong governance and responsible lending, but it includes thinking about cashflow flexibility – particularly for asset-rich, cash-poor retirees. The industry can’t keep designing products the way we always have.
Tech and AI also continued to dominate, raising the bar for what brokers and customers expect from banks in terms of digital experience.
What were some of the biggest highlights for AMP Bank over the year?
We take our role as a challenger bank seriously – and this year we delivered on that promise with innovative, practical solutions.
A major highlight was the launch of our new broker lending platform, setting a new benchmark for the industry. Brokers are our partners in delivering great outcomes for customers, so giving them a best-in-class platform was a priority.
We also introduced Australia’s first 10-year interest-only owner-occupier home loan without a mid-term reassessment. That’s a meaningful shift – flexibility with guardrails, designed for customers who value cashflow certainty, especially those approaching retirement.
And, of course, we launched AMP Bank Go – our new transaction and small business bank. Building a brand-new bank from the ground up in just 12 months is a massive achievement by the team.
On a personal level, what were your career highlights over the year?
There were a few. I’m proud of how the team is thinking differently about lending – and turning that thinking into real benefits for brokers and customers. We are a challenger in every sense of the word.
I’m also proud of how we’ve partnered deeply with brokers to understand their needs and those of their clients. Brokers have a unique perspective, so involving them in the design and development of our offers just makes sense.
All of this takes hard work, and I couldn’t be prouder of the team for how they’ve come together this year.
Looking ahead, what factors will influence the mortgage space in 2026?
The next wave is demographic and structural – not just cyclical. If more Australians are entering later life with mortgages, the industry must stop treating that as an edge case and start designing responsibly for it.
In 2026, expect more scrutiny on whether lenders can deliver certainty in assessment, clarity through the process, and product structures that genuinely fit customers’ lives – while still meeting responsible lending expectations.
Do you see the space becoming even more competitive?
Yes – and I think the competitive landscape is shifting. Price still matters, but process and certainty are becoming an important differentiator. Brokers want confidence that what’s promised at the start is what gets delivered at the end.
As a challenger, our firm belief is that competition lifts standards across the industry. It should mean fewer surprises, less rework, and a better experience for customers – not just louder marketing.
Are there any major milestones coming up for AMP Bank in 2026?
I’m excited about what we’ll bring to market in 2026. It’s about continuing our innovation agenda from 2025 and pushing the boundaries of what Australians and brokers need from a bank.
How are you personally spending the Christmas season?
I’ll be doing what most people need after a big year – lots of time with family, enjoying some downtime, spending a bit of time at the beach, and probably watching far too much cricket… if there is such a thing. I’m looking forward to coming back refreshed and ready for what will be an exciting 2026.
