Powered by MOMENTUM MEDIA
SUBSCRIBE TO OUR NEWSLETTER SIGN UP
Powered by MOMENTUM MEDIA

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

NAB changes Homeside price structure

Staff Reporter 3 minute read

National Australia Bank Broker (NAB Broker) has changed the structure of its Homeside brand, revising the way it calculates Homeside HomePlus variable rate loans.

Effective immediately, the new HomePlus variable rate loan will be based on a customer’s total Homeside lending and the Loan to Value Ratio (LVR) on the new application.

For new loan applications with total Homeside lending of $250,000 or more, and where the LVR is up to 75 per cent, the new rate will be 5.22 per cent p.a.

NAB Broker’s head of broker sales John Flavell said the new rate reflected NAB’s ability to create specific solutions for brokers via its broker-only brand Homeside.

Advertisement
Advertisement

“Brokers are in a good position to identify customers that fit the lower LVR profile and offer them this low rate solution,” Mr Flavell said.

“Typically loans with lower LVRs do not require a valuation (with a contract of sale) or mortgage insurance, and are on average more straightforward to underwrite.

“This means we can process these loans very quickly where all supporting documentation is provided upfront, and so deliver a great service experience to brokers and their clients.

“It also means that the cost of application processing for these loans is lower than for higher LVR applications,” he said

PROMOTED CONTENT


NAB changes Homeside price structure
default
TheAdviser logo
default

 

more from the adviser
WLTH team Neolender CEO reveals broker plans

The co-founder and CEO of new mortgage lender WLTH has revealed i...

tech tool data Business loans to be included in CDR from 1 Nov

The ACCC has revealed examples of the types of business loans tha...

clock Lenders’ turnaround times slowest in three years

The time it takes from loan submission to approval surpassed 25 d...

FROM THE WEB