NAB has today expanded its long-term commitment to the broker community, becoming the first Australian major bank to provide up to 100% funding for the purchase of broker businesses and their goodwill as part of a new funding offering.
Designed specifically for brokers, Finance for Brokers provides access to funds for brokers to grow their businesses.
NAB Head of Commercial Broker, Specialised and Private, Anita Hyde said Finance for Brokers would help brokers to grow their businesses in a dynamic market.
“As a close partner, we understand the critical role that brokers play in enabling the dreams of Australians, whether they’re looking to buy a home or grow their business.
“Until now, it has been challenging for brokers to find and secure finance to expand their own businesses, with lenders often requiring brokers to offer their home or other property as security.
“Finance for Brokers is the next step in our commitment to the broking community, giving access to the finance they need to invest in technology, processes and compliance systems to grow and thrive – without having to leverage their personal assets,” said Ms Hyde.
Funds are available through Finance for Brokers for purposes such as acquisition and succession funding, partner pay outs, refinancing and working capital. In addition to standard lending terms and conditions, NAB will require a tripartite agreement with their aggregator to provide finance [1].
Ms Hyde commented that Finance for Brokers is a solution that recognises the maturity and professionalism of the mortgage broking sector.
“Like lawyers, accountants, financial planners and real estate agents, brokers play an important role in supporting Australians through the most significant financial decisions of their lives.
“Close to 70% of home lending customers choose to use a broker, while business lending is growing at the fastest rate since the GFC. These factors are elevating the importance of commercial brokers in helping businesses secure funding for expansion,” Said Ms Hyde.
Finance for Brokers is available to members of NAB approved aggregators and is subject to terms and conditions available at nab.com.au/financebroking
