The major bank has reduced the minimum annual turnover limit for QuickBiz applications to make loans and overdrafts accessible to more small businesses.
National Australia Bank (NAB) has notified brokers that it has reduced the minimum annual revenue requirement for businesses applying for a QuickBiz Loan or QuickBiz Overdraft from $100,000 to $75,000.
This change came into effect on Friday (17 May), and all other criteria remain the same.
NAB’s memo to brokers read: “We’re proud to back small business and we’re committed to being there for our customers who want to expand their business.”
The big four bank informed brokers that its existing business loan customers will be able to apply for an additional QuickBiz loan or overdraft 50 days after their most recent establishment date.
In addition, NAB said it has made changes to its upfront application process that will require brokers to attach and self-verify more documents in the submission checklist within ApplyOnline.
The documents that need to be indexed and self-verified in the supporting documents tab include:
- broker declaration form
- broker interview guide
- consent form (for customers, guarantors and companies)
- customer identity check form and ID
- income verification
- serviceability calculator
- living expense worksheet
- valuation/s (if applicable)
- contract of sale (if applicable)
- refinance statements (if applicable)
According to the major bank, mandatory indexing and the submission checklist will allow for faster turnaround times, as supporting documents would be received, reviewed and approved faster.
Further, from today (20 May), NAB will send SMS notifications to brokers and their customers at key milestones in the application process. Brokers will be notified when an unconditional approval has been issued, while both brokers and customers will be alerted as to when loan documentations have been sent, when they have been received and are in order for settlement, and when the settlement is completed.
The major bank said the introduction of these notifications is based on feedback received from brokers and customers for more communication throughout the mortgage application process.
“These SMS notifications will save you time by providing real-time updates directly to your mobile, keeping your customers informed [and] reducing the amount of chasing up you need to do on the status of your applications, meaning more time to focus on your customers and your business,” NAB’s memo to brokers stated.
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