Big four bank NAB has announced a major overhaul of its mortgage broker proposition in a bid to become “the number one bank for brokers”.
The large-scale transformation — said to “reaffirm [the bank's] commitment to the third-party channel” — has been purpose-built to enhance the user experience for brokers and their customers.
The move involves a range of new products as well as a change of name, from NAB Broker to NAB.
Today’s announcement makes the full suite of NAB’s retail home loan products available to brokers.
Previously focused through the retail channel, the products are:
• NAB Base Variable Rate Home Loan,
• NAB Tailored Home Loan,
• NAB Flexiplus Mortgage,
• NAB Choice Package.
Currently available through the NAB Broker website, the new home loans are expected to be made available through aggregators by the end of the week.
NAB Broker general manager Steve Kane said: “This is a watershed moment for NAB and a move we are extremely proud of. Through this transformation the full power of NAB will be standing behind the broker channel.
“These four products will provide more flexibility for brokers, and more choice for customers. We recognise that each customer is unique, and by broadening our offering brokers will be able to better service a more diverse customer base.”
Mr Kane added that a consistent product suite among lenders and brokers is “important for minimising customer confusion as well as meeting customer expectations”.
He continued: “Our newly available product suite is designed to align NAB’s offering with customer needs and expectations.”
The new broker products replicate the simple pricing structure and commission structure, with upfront and trail commissions offered.
An emphasis has also been placed on enhancing support services. By aligning the retail channel with the broker channel the bank hopes it will be easier for customers to seek help, and to modify their loans through a NAB channel of choice.
“Enhancing the customer experience has been paramount for us, and we are committed to helping brokers blow their customers away with market-leading service,” said Mr Kane.
“NAB will be there to support brokers as the industry continues to grow, and will place brokers and their customers at the centre of everything we do. Our changes will also help drive greater collaboration between lenders and brokers.”
He added: “The broking industry has experienced tremendous growth over the past few years, and across Australia customers are realising the tangible value brokers provide to them as trusted advisers.
“We are committed to being at the forefront of the broker market. This relaunch is a big change for our business, and we are confident that through this transformation we will become the number one bank for brokers,” Mr Kane concluded.
[Related: NAB announces raft of rate changes]