Powered by MOMENTUM MEDIA
the adviser logo
Lender

NAB reduces revenue threshold for QuickBiz loans

by Reporter4 minute read

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.”

Advertisement
Advertisement

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.

[Related: Major bank broker flows diverge]

nab   ta

JOIN THE DISCUSSION

You need to be a member to post comments. Register for free today

MORE FROM THE ADVISER

CEO Sleepout Pepper Money

Mortgage industry raises more than $160k in CEO Sleepout

On 23 June 2022, several CEOs and directors in the mortgage and finance industry spent a night without shelter to...

READ MORE
alex whitlock

New membership program revealed for The Adviser

Members will be able to access exclusive sales and marketing strategy, business intelligence and exclusive market...

READ MORE
Hot property TA

Hot Property: The biggest property headlines from the week 27 June to...

Welcome to The Adviser’s weekly round-up of the headline stories and news that are important not only for the...

READ MORE
magazine
Read the latest issue of The Adviser magazine!
The Adviser is the number one magazine for Australia's finance and mortgage brokers. The publications delivers news, analysis, business intelligence, sales and marketing strategies, research and key target reports to an audience of professional mortgage and finance brokers
Read more