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The major bank has announced changes to its home loan application process to further assist brokers in “delivering good customer outcomes”.
NAB has announced that it will require brokers to submit further documentation when submitting a mortgage application, in addition to a broker declaration form.
NAB currently requires brokers to submit:
Effective today (26 February), where applicable, the following three documents will need to be provided upfront with all new home loan applications:
SMSF policy changes
Further, NAB has also announced changes to its self-managed superannuation fund (SMSF) loan offering, as part of its “ongoing review of products and policies”.
From Friday, 29 March 2019, NAB customers will be required to meet the following criteria in order to be eligible for SMSF business lending:
Other credit parameters to be put in place by NAB include:
NAB stated that it will no longer accept new SMSF applications, unless all of the above criteria are met, but noted that it would continue to support existing SMSF lending arrangements.
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The major bank stated that its decision followed a review of its policies and products.
“Lending to SMSFs is more complex and requires additional consideration, and for this reason, NAB has altered the SMSF offering to ensure our customers are in the best position to obtain their desired financial outcomes,” the bank noted.
[Related: Bank adjusts credit policy for bridging loans]
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