National Australia Bank (NAB) has created a new NAB Partnerships division that will be responsible for NAB Broker, the new aggregation arm of the business as well as mortgage management.
Speaking at the NAB Broker roundtable yesterday, newly appointed general manager of distribution for NAB Broker, John Flavell, said the new division, currently referred to as ‘New Co’, would create further lending opportunities for brokers.
“We want to ensure competition in the market and NAB Partnerships will help us achieve just that,” Mr Flavell said.
The ‘New Co’ arm of the business includes PLAN Australia, Choice and FAST and will be renamed at the end of the month once the acquisition of Challenger’s mortgage management business is formally completed.
According to Mr Flavell, NAB Broker is gearing up for a myriad of changes, many of which spell good news for their broker channel.
“It is a time of cautious optimism. Interest rates will rise and as they do, borrowers are more likely to look for advice,” he said.
NAB Broker is encouraging its broker channel to diversify their offering to include advice, with Mr Flavell telling Mortgage Business that advice-based broking was the way of the future.
“There are many benefits associated with advice-based broking, including improvements to a broker’s bottom line. Brokers will be able to make more revenue from each client while helping to meet their insurance and home loan needs.”
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