REA Group’s realestate.com.au, in partnership with National Australia Bank (NAB), will offer its own home loans starting in 2017, in hopes of capturing a share of the $400 billion mortgage market.
The two companies signed a five-year agreement that will allow consumers to obtain home loans from NAB and other lenders, as well as a realestate.com branded product that is provided by NAB.
According to REA chief executive Tracey Fellows, the partnership will help the company enter the local mortgage market. They will assist homebuyers in their property journey from start to finish, whether they’re buying, selling, investing or renting.
On the part of NAB, the partnership will combine search and home lending in an Australian first, and probably in the world.
The two companies are bringing together their particular expertise to offer more products to property buyers in Australia and deliver a game-changing experience. Both have assembled teams to work together on the development and launch of the project.
Andrew Russell, executive director of financial services, will lead the REA team, while Angus Gilfillan, executive general manager of consumer lending, will lead the NAB team.