Online real estate portal realestate.com.au has partnered with a major bank to launch a suite of branded home loan products.
National Australia Bank and realestate.com.au yesterday announced a five-year strategic partnership that will see consumers access a suite of NAB home loans, a realestate.com.au branded white-label product, as well as a panel of other lenders.
“We know that Australians are property obsessed, and by partnering with NAB, we are building a truly innovative solution that will marry property search and property finance,” REA Group CEO Tracey Fellows said.
“We will be assisting home buyers throughout their entire property journey, whether it be buying, renting, investing or selling,” Ms Fellows said.
“The digital experience we are creating in partnership with NAB will make realestate.com.au not only the best source of property insights, information and inspiration, but the place where people can achieve their property dreams more quickly and easily.”
NAB chief operating officer, Antony Cahill, said the partnership will bring property search and home lending together in a way that’s never been seen before in Australia, or even the world.
“We’re combining our respective expertise to deliver more to Australian property buyers and create a game-changing experience,” Mr Cahill said.
“NAB is always focused on developing ways to make the home ownership journey easier, simpler, and more convenient for customers, and this partnership with realestate.com.au supports this.”
“This is another example of the exciting solutions we’re able to create for customers thanks to the work of our product and digital teams, and dedicated innovation hub, NAB Labs,” Mr Cahill said.
Both NAB and realestate.com.au have established dedicated teams to collaborate on the development and rollout of the project, which will launch in 2017.
REA’s team will be led by executive director of financial services, Andrew Russell, and NAB’s team will be led by Angus Gilfillan, executive general manager of consumer lending.
Late last year REA Group revealed that it would be entering the mortgage market after hiring Mr Russell, who was responsible for launching Virgin Home Loans in Australia and more recently was general manager of third-party distribution at Mortgage Choice.
REA Group has an existing lead referral relationship with mortgage broking group AFG.
“What is very exciting for me is leveraging off the work that has already been done and exploring opportunities to work out what will be the best for REA Group and best for our consumers. And then bringing it to market quickly,” Mr Russell said in November 2015.
Mortgage brokers will be a “cornerstone” of REA Group’s home loan strategy, he added.
“The broker market is growing at a good speed and now represents around 50 per cent of home loans. Consumers have put their hands up and said that they do want choice when it comes to accessing home loans so we expect brokers will be a cornerstone of our strategy.”
Under the terms of the commercial agreement, realestate.com.au will receive funding from NAB to enable development of the experience, and commissions for home loans settled.
More to come.