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ISCOVER
Expert commentators analyse the latest economic news, and explore shifts in the property market and impacts on lending in NAB’s broker-focused webinar.
Interest rates are reaching the top of the cycle and the housing market is showing signs of recovery, although ongoing uncertainty highlights the importance of brokers in an evolving market, according to expert commentators who presented at NAB’s special edition Forward View webinar in August.
Produced specifically for brokers and hosted by leading TV journalist and author, Mimi Kwa, NAB’s exclusive broadcast focused on the latest economic news, shifts in the property market and how this is impacting the lending environment.
The event featured insights from NAB Group Chief Economist Alan Oster, and CoreLogic Executive, Research Director Asia Pacific Tim Lawless, as well as NAB’s Head of Strategic Partnerships and Enablement, Broker Distribution Nicole Triandos.
Commenting on Austalia’s economic outlook, Mr Oster says that with inflation easing, the Reserve Bank of Australia is likely to lift rates only one more time to a peak of 4.35%. With the economy expected to slow, rate cuts are now expected from August 2024, with the cash rate to return to around 3% in early 2025.
A series of 12 interest rate rises starting in 2022 has led to a short, sharp downturn in the housing market with the national Home Value Index dropping 9.1% in the year to March 2023. However, the effect rate rises on housing markets has now eased, according to CoreLogic’s Executive, Research Director Asia Pacific Tim Lawless.
Mr Lawless says the housing market found a floor earlier in 2023 and began on a broad-based recovery trend through the first half of the year, largely due to a disconnect between demand and supply.
Housing values around the country remain above pre-COVID levels and while the volume of home sales is roughly in line with the five-year average, available supply is well below average.
The recent lift in housing values coincides with a trend towards smaller households and boom in net overseas migration, which is increasing demand for housing. Mr Lawless says migrants are fast-tracking their home buying plans due to tight rental markets.
Navigating market conditions
Ms Triandos says brokers continue to do a great job of supporting customers in navigating today’s evolving market. As the bank behind the broker, NAB’s simple and digital strategy remains focused on making life easier for brokers and their customers.
NAB has simplified and made a range of updates to a range of policies, systems and processes.
From an end customer perspective, deals are being approved in hours and the nab.com.au app is continually being upgraded to make it easier for customers to transact.
NAB’s recently introduced support model provides better service levels to the broker network. The new model introduces relationship managers into the team structure to ensure BDMs are less stretched and increases the team’s overall capacity. Together, the national team of BDMs and RMs are in constant contact and available to support NAB’s broker partners at every step.
Education and timely insights also remain critical for brokers to stay ahead in a competitive market and the special edition Forward View webinar is just one of the ways NAB is supporting brokers. NAB has a range of resources to keep brokers up to date with the latest trends and forecasts, including:
- the NAB Business Research and Insights library, a resource hub where brokers can access regular and timely economic commentary,
- the Forward View podcast for insights on the run plus
- a suite of research reports – including the recently released ‘First Half Property Update 2023: Keeping brokers informed’.
Tune in to watch the webinar recording online by registering an email address to view: NAB Broker Forward View Webinar.
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