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.
“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
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