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Jessica Darnbrough
Broker market share will grow under the National Consumer Credit Protection Act, NAB Broker’s general manager John Flavell has claimed.
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Speaking at the NAB Broker roundtable in Sydney yesterday, Mr Flavell said regardless of what happens in the market, “broker share will grow”.
Currently, the third party distribution channel accounts for approximately 40 per cent of all home loans written.
“NCCP will not only improve the broker proposition but the way customers perceive the third party channel,” he said.
Mr Flavell said brokers were professional, highly regarded and the way of the future.
As such, Mr Flavell said NAB Broker was more committed than ever to the third party distribution channel.
“We are doing what we can to ensure we are the lender of choice for brokers,” he said.
“I believe 1 in 5 of all home loans should be written on Homeside paper. We know to do this we have to make significant improvements to our broker proposition.”
Mr Flavell said while the bank had made vast improvements to its broker service, there was still plenty to be done.
“We are in the process of reducing our turnaround times. At present, it takes approximately 7.5 days to get a loan to unconditional. This is a dramatic improvement on where we were last year, but it is still too long.”
