Login
ISCOVER
As borrowers brace for rising interest rates and higher living costs, NAB is focused on making its home lending offering more transparent and competitive.
Economic headwinds are lifting the cost of living and applying pressure to consumers, but Australia’s economy has been resilient and there is cause for optimism despite this challenging environment.
The housing market continues to be active, although putting the brakes on growth. Dwelling values in Australia are 8.0% higher over the past 12 months, down from a cyclical peak of 22.4% recorded in the 12 months to January 2022.
Rent values continued to climb 0.9% in the month of July, marking the sixth consecutive month of growth in rent values, and making Australian rents now 9.8% higher over the year to July according to the Corelogic Property Review July 2022.
This trend of rising rent yields provides an ideal opportunity for property investors, who may have the ability to access equity and re-enter the investor market - a conversation we know many brokers are having with their clients.
Improving affordability is also positive news for many first home buyers, especially with the launch of the First Home Guarantee Scheme providing extra help and with caps on home values lifted in the major cities. With less experience in the property market, first-time buyers need the steady and confident hand of a broker to guide them through the often-daunting purchasing process.
According to the latest NAB Australian Wellbeing Survey, people who own and live in their house or apartment rate their personal wellbeing much higher than those with other living arrangements. Brokers play a crucial role in helping customers to better understand their opinions and to guide them toward a loan that has the flexibility to adapt as their personal circumstances also change.
The importance of clarity, transparency and simplicity
As the bank behind the broker, NAB is constantly looking for ways to improve its home lending offering to make it as quick, easy and convenient as possible for brokers to secure the best loan for their customers.
Recent changes to NAB’s home lending products build upon our commitment to bringing clarity, transparency and simplicity to home lending, and offer an opportunity for brokers to access even more competitive and flexible products to suit their customers’ changing needs. For example, the refreshed NAB Tailored Home Loan now has multiple LVR pricing tiers Tailored Home Loan to provide more competitive rates for customers with a low LVR.
The rates available for each type of loan (including construction) are more transparent, and brokers will have the flexibility to choose between fixed and variable rate options, or to split the loan into portions.
Brokers can quickly access the right LVR tier and rate for customers by ordering an upfront valuation and submitting a request through NAB’s Instant Pricing Tool. Brokers can easily find the tiered rates in both Aggregator software and on the NAB Broker website.
Making mortgage management easier
Whether customers are buying their first home, upgrading, refinancing or investing, they need brokers to help them to access flexible home loans with features that allow them to manage their money effectively in this dynamic economic environment.
As well as having more transparent rates, NAB is supporting brokers with lending products that offer access to a 100 per cent offset account on variable loans and fee-free redraw of $500 or more on variable loans. NAB has further reduced costs to customers by permanently removing the loan application fee, saving customers $600 when they apply. This is in addition to existing features of no annual fee and a simple monthly fee of $8 per loan.
As part of our commitment to brokers, NAB’s refreshed Tailored Home Loan is being introduced through the broker channel first before it becomes available direct to all NAB customers in the coming weeks. This is just one of the steps we are taking towards our goal of simplifying products, increasing pricing transparency and streamlining our offerings to make brokers’ lives easier.
And if you need any help or further support, our NAB BDM network is always there for you.
JOIN THE DISCUSSION