In 2017 realestate.com.au, which is owned by News Corp’s REA Group, will begin to offer home loans as part of a deal with NAB.
In an attempt to grab a slice of Australia’s $400 billion mortgage market, the online property portal has entered into a five year strategic partnership with NAB. Consumers will be able to access a suite of NAB home loans, realestate.com.au-branded loans as well as loans from other lenders.
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Under the terms of the commercial agreement, realestate.com.au will receive funding from NAB to develop the experience and will earn commissions for home loans settled.
The two companies said they will work together to develop an “innovative end-to-end digital property buying experience.” No further details about the experience are being provided, however a spokesperson for NAB told Which-50 the partnership is designed to provide customers another avenue for to access to home loans alongside existing channels such as their bricks and mortar branches.
“It’s an exciting move for our business and it marks an important step in the evolution of our property-related service strategy as we diversify and build new revenue streams for the company,” said Tracy Fellows, REA Group CEO.
“In NAB, we have a partner which shares our commitment to innovation, and one that has the expertise, systems and know-how to ensure we deliver a compelling offering for Australian home buyers that will enable us to tap an annual $400 billion mortgage market opportunity.”
NAB COO, Anthony Cahill, said the partnership will bring property search and home lending together in a way that’s never been seen before.
“We’re excited to partner with realestate.com.au, which shares our vision to build innovative experiences to make it easier, simpler and more convenient for Australians to find the right home for them,” Cahill said.
Both NAB and realestate.com.au have established dedicated teams to collaborate on the development and roll-out of the project, which will launch next year. REA’s team will be led by Executive Director of Financial Services, Andrew Russell, and NAB’s team will be led by Executive General Manager of Consumer Lending, Angus Gilfillan.