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A big four bank has said that it will cease accepting new applications for its broker-exclusive home loan offering next week, following an overhaul of its product suite last year.
In September 2016, NAB announced that it would be making the full suite of its retail home loan products available to brokers to reduce customer confusion by offering a "consistent" product suite across its channels.
The bank has therefore now begun phasing out its broker-exclusive offerings.
As part of this, NAB has announced that it will not be accepting new applications for its broker-exclusive mortgage, NAB Homeplus, or its NAB Peak Performance line of credit, from next Saturday (11 March).
A NAB spokesperson said: "Last year, NAB made all of its home loan products available to customers directly through brokers, providing greater choice to more home loan borrowers.
"As a result, from 11 March 2017, NAB will no longer offer new NAB Homeplus loans.
"No existing customers with NAB Homeplus loans will be disadvantaged by this change, and customers now have a greater choice of NAB home loans."
Brokers can continue to write loans for the four main mortgage products:
- NAB Base Variable Rate Home Loan,
- NAB Tailored Home Loan,
- NAB Flexiplus Mortgage,
- NAB Choice Package.
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