NAB to bring home loans back to branches

Tuesday 18 August 2009

Article by Mozo

Home loan customers may be interested to learn that the National Australia Bank (NAB) is planning to change the way it sells mortgages.

The bank has announced that it has launched a consultation period, in which home loans will be sold in branches rather than by mobile home loans managers.

Chris Bayliss, retail director of the Bank of New Zealand, which owns the NAB, substantiated the claims in a statement.

He said: "We can confirm that we are undergoing a consultation period around proposed changes to the way mortgage products are sold.

"Responsibility for management of all retail home loan acquisitions will sit primarily with the store network."

Mr Bayliss added the consultation may affect mobile home loan sales roles. The development may also impact on the choices of consumers looking for low interest home loans.

NAB’s residential mortgages increased by $458 million to $24.68 billion in the firm’s March quarterly review.

Meanwhile, NAB has recently acquired Challenger Financial Services’ home loan unit for some $318 million, thereby increasing its share of the mortgage market.

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