NAB to ditch Homeside

[HD_ACE]

So whats all the experts opinions on this one?
Do you think its for the better?

I was under the impression that homeside had a few very good niches to do with development and lvrs compared to NAB, but NAB say they will keep everything as is under the NAB branding only.
Any thoughts on pros and cons and likelyhood it will all be kept? Impact to existing customers?

From my understanding the IO period renewal should become alot more easier under NAB.

 

[D.T.]

Means brokers will get trails from the beginning instead of 12 months in so we can start getting them rebated sooner

What I'm hoping happens is that NAB just absorbs all of Homeside's policies. Since Homeside was just the broker channel of NAB it was pretty redundant when it could all go through the one place, right?

 

[Rolf Latham]

mainly just a branding excercise

broker is doing far too much for NAB to upset that side of the channel

ta
rolf

 

[Corey Batt]

They're just dropping the Homeside branding, the lender remains - more of the same for now, folks.

 

[turk]

What is the process to renew the IO period under Homeside?

 

[Peter_Tersteeg]

What I'm hoping happens is that NAB just absorbs all of Homeside's policies. Since Homeside was just the broker channel of NAB it was pretty redundant when it could all go through the one place, right?

It may happen, but not initially. The only thing that's changing is the name. The policy, assessment process, etc will remain. The NAB direct process will remain. Policies will remain. Even the current commission policies between the two aren't changing.

The NAB spends about $100m on branding, the HomeSide brand has zero benefit from this money.

I suspect within a year or two the two product streams will come together and brokers will be paid commissions on the Choice package. The broker channel is actually more valuable to NAB now than the branch channel.

Overall for many brokers with good long term relationships with their clients, I'd say the new commission structure is about the same. Neither an increase or decrease.

For the borrower I'd say there's some small benefits in the immediate future and probably more significant benefits to come over the medium term.

 

[Mick C]

What is the process to renew the IO period under Homeside?

Brokers make a phone call if it's under 5 years in total. Else if it's an extension pass 5 years, new assessment.

 

[HD_ACE]

Thanks guys. As expected pretty straight forward stuff.

 

[Mick C]

Homeside will stay it will just be re branded as " NAB" now- as Pete mentioned NAB spends Millions on branding so it make sense for Homeside to be re branded to it's mother company.

As of 1st Oct;

Homeside Home plus will be known as " NAB HomePlus"

Still the same policy, and yes still 2 diff LMI provider bwt NAB and NAB HomePlus ..for now anyway.