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NAB rethinks mortgage strategy

by Staff Reporter7 minute read
The Adviser

NAB is pursuing targeted growth with a multi-brand strategy in order to attract home buyers back to the bank, The Australian today reported.

The bank’s group executive of personal banking Lisa Gray said NAB is generally seen as uncompetitive on price and not really serious about home lending.

“We were deliberately uncompetitive on price before Christmas, with loan quality a problem due to the over-heated first home buyers market,” Ms Gray said.

Since February, Ms Gray said the bank had been much more competitively priced and had launched its ‘star’ rating system for mortgage brokers, where it hopes to get closer to the larger, more professional brokers.

According to the daily, the bank is currently looking at other brands in a bid to attract first home buyers before the boost runs out in December.

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