National Australia Bank (
NAB) has reported housing lending growth of 6% through its third party channel.
According to the major bank’s 2016 first half-year results, brokers settled $84.8 billion in home loans in the six months ending March, up from $79.8 billion settled in the same period in 2015.
By comparison, the proprietary channel settled $106.8 billion in home loans in the first half-year, up 5% from $101.5 billion in 2015.
NAB’s total home loan book reached $271 billion with mortgage brokers attributed to almost one third (31.3%) of the major lender’s total book. However, mortgage broker market share declined slightly from the 31.4% reported in NAB’s September 2015 results.
Subdued first-half 2016 broker lending growth was impacted by the investor lending slowdown, credit policy changes and interest-only repricing, according to the bank.
NAB says it will continue to maintain a strong focus on building relationships with mortgage consumers via the broker channel, however, reporting a 14% increase in the number of brokers under its group of aggregators – PLAN, Choice and
FAST – in the year to March 2016.
At March 2016, there were 4,204 mortgage brokers under the PLAN, Choice and FAST brands.
The major bank reported a statutory net loss of $1.74 billion reflecting a one-off related to “discontinued operations” of its troubled British operation, Clydesdale Bank. NAB’s interim dividend remains unchanged at 99 cents per share, fully-franked.
