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Targeting investors and the self-employed offers brokers a huge opportunity to grow their customer base, diversify revenue streams and build their broker businesses.
Brokers wishing to future-proof their businesses need to consider diversifying their revenue streams. Many brokers are finding success by branching into commercial broking, but for those who wish to keep their focus on residential lending, targeting a broader range of customers – including self-employed and investors – may offer a good balance.
Australia is home to nearly 1.5 million self-employed individuals and 2.5 million small-to-medium businesses. All those people will potentially need support from brokers with their home lending needs.
Similarly, property investors are a solid and growing source of business for mortgage brokers. With the value of the Australian property market reaching almost $11 billion, even more investors are looking to add bricks and mortar to their portfolio to earn rental income and benefit from capital growth.
Brokers who expand their service offers to attract new customers in these segments have a huge opportunity to diversify their revenue streams and build their broker businesses.
Offering services that specifically cater to unique customer needs allows brokers to form deeper relationships with customers that can develop as their situations and aspirations evolve.
From a personal development perspective, working with a wider variety of customers provides brokers with the chance to learn new skills and take on different and interesting challenges.
As the bank behind the broker, NAB is there to support brokers in building their skills and finding the best fit home lending solution for a whole range of customers.
Serving the self-employed
From sole traders, partnerships, to companies and trusts, self-employed people may have different priorities and different lending needs to customers who earn income from regular employment.
As Australia’s largest business lender NAB’s banking experts have a deep understanding of complex business structures and diverse income sources. NAB’s specialist knowledge of what it takes to run a business ensures self-employed customers are borrowing appropriate amounts whether they need support with home lending or business lending.
NAB’s policies and processes are tailored to suit all self-employed entities at each stage of their journey, including cash flow-based lending which can support self-employed people who are early in their careers to buy a home sooner. The simplifed policy allows customers to use the most recent year’s financial information for assessment, where this best reflects future performance. The policy also cuts the paperwork needed for verifying directors’ wages and for submitting applications for self-employed customers with less than two years’ ABN registration.
Supporting investors to build their portfolios
Property investment has long been a popular choice for Australians looking to build wealth. With 74% of all home loans across Australia originated by brokers, according to Mortgage Finance Association of Australia figures, many customers are also turning to brokers for support in achieving their financial goals and aspirations in property investment.
Whether they are first-time investors or long-term property wealth builders, property investors need options tailored to suit their individual circumstances. For example, they may need rental options for servicing that include short stay and holiday rentals. NAB’s policies offer these servicing options.
Like self-employed customers, investors are often seeking flexible policies that suit non-standard employment and income. NAB’s loan assessments consider a property investor’s total financial picture, which means we may be able to lend more than our peers. Extra allowances for medicos and essential services workers are also on offer, and lenders’ mortgage insurance may be waived for medicos and some professionals.
Faster, simpler, digital approvals
NAB’s vision is built around being simple and digital so we can deliver market-leading experiences to our brokers and our customers. Using automation and simpler processes, NAB can provide same day unconditional approval (subject to lending criteria) when brokers submit all the required documents. Many customers will also qualify for NAB’s faster, simpler experience.
A national team of business development managers offer dedicated support, while a case manager assigned to each application makes it easier to do business with NAB.
Brokers who are looking for ways to expand their income streams, build stronger relationships with customers and grow their businesses may find targeting a wider range of customers is a pathway to success.
Credit applications are subject to credit assessment criteria. Terms, conditions, fees, charges and eligibility criteria apply. ©National Australia Bank Limited ABN 12 004 044 937 AFSL and Australian Credit Licence 230686 (NAB).
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