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More than 6,000 NAB accredited brokers will enjoy increased commissions from 1 January.
Speaking at a media briefing in Sydney today, NAB Broker's general manager distribution John Flavell said from next year the lender would give all of its broker partners the benefits of a four star status, which includes 65 basis point upfront commission.
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In addition, all brokers will receive access to the online valuations service and 90 per cent plus LVRs.
"While our star ratings system has served us and our broker partners very well, the introduction of NCCP legislation has effectively lifted the bar on these measures across the industry and now is a good time to seek feedback from our broker partners on how we can add to and evolve this offering," Mr Flavell said.
Up until now, approximately 30 per cent of NAB's 9,500 accredited brokers have held four star status.
Previously, brokers that carried the lender's three star status would receive an upfront commission of 60 basis points, while two star brokers receive 55 basis points and one star brokers receive 50 basis points upfront commission.
While Mr Flavell said he was excited to reward brokers with increased commissions and online valuations, he said the lender would not rest and instead look to enhance other areas of its broker proposition.
As such, NAB Broker will hold a series of workshops and focus groups with brokers and aggregators over the coming months to gather feedback on existing tools and services and better understand what the market is really looking for.
Mr Flavell said that many of the Homeside product and service enhancements delivered to date were based on direct feedback from brokers and aggregators.
"An example of this is our Online Valuation Service for brokers, NAB Broker was the first lender to deliver online valuations to brokers and the idea for the service came from one of our broker partners," he said.
