In a dynamic market, customers are increasingly relying on brokers. As the bank behind the broker, NAB is committed to being quicker, faster, and simpler to deliver unconditional approvals within hours
This article was produced in partnership with National Australia Bank Limited
Phil Waugh, Executive, Broker Distribution, NAB and Advantedge explains how NAB is backing brokers at a time when customers need support more than ever.
While Australia’s economy has rebounded strongly in the short term, there are a number of economic headwinds on the minds of brokers and customers right now.
The rising interest rate environment is a new experience for many borrowers, who have only seen rates going down for the past 11 years.
More broadly, cost of living also continue to rise. So much so, that recent NAB research shows one in four Australians have cut their spending on food delivery services and entertainment in response to higher living costs.
Higher cost of living and affordability has put debt-to-income (DTI) ratios back into the spotlight. At NAB, we are working hard to strike the right balance between customer needs and sustainable debt levels.
Importantly, this dynamic environment has further elevated the crucial role of brokers in supporting customers to make decisions on managing their home loans and realising their home ownership dreams. The latest MFAA statistics highlight this with close to 70 per cent of customers choosing to use a broker for their home lending needs.
An active and resilient property market
Despite the changes and challenges, the residential property market remains competitive, and activity is strong.
Recent CoreLogic data shows that housing values in Sydney are 22.7 per cent higher than before the start of the pandemic and in Melbourne, values are up by 9.8 per cent.
Investor lending is up by 37.1 per cent year-on-year to the end of April, Australian Bureau of Statistics figures show.
The increased attention on rates is also translating to increased activity in the refinancing segment. Many customers will soon be looking to refinance their home loans as fixed-rate mortgage terms come to an end, which again reinforces the important role of brokers in helping customers through every step of the way.
Making it simpler and easier to do business with NAB
As the bank behind the broker, we remain focused on making it simpler and easier to do business with NAB, through quicker, faster, and simpler processes to deliver unconditional approvals within hours.
We have made a huge investment in automating our origination platform and we are driving simplification across the home loan portfolio related to process, policy and platforms.
In response to extensive customer research, we are delivering a much more streamlined product proposition which will include LVR tiered pricing, increased price transparency and a simplified fee structure.
In times of uncertainty, we are doubling down on our commitment to delivering value, consistency and clarity, ensuring we can be the most reliable bank at a time when brokers and customers need our support the most.
Phil Waugh is Executive, Broker Distribution, NAB and Advantedge. Over the past decade he has established a successful career in banking in a variety of senior leadership positions. Prior to joining NAB, Phil was Head of Private Wealth North at Westpac where he managed a 200-strong team as well as the bank’s COVID-19 response for business customers. Prior to this, he led St. George Bank’s Auto Finance Division and was previously Head of Asset Finance at Commonwealth Bank, during which time he worked across Corporate Financial Services and Small and Medium Enterprises within CBA’s Business Bank and Regional & Agribusiness businesses.
Phil is also well-known for his time on the rugby field where he played for the NSW Waratahs and the Australian Wallabies. He holds a Master of International Business and Commerce from the University of Sydney and is a graduate of the Australian Institute of Company Directors.
