National Australia Bank is preparing to roll out a program intended to improve the quality of financial information provided by loan applications. The bank is unveiling the Broker Interview Guide (BIG) which is expected to assist home loan applicants receive tailored advice. This means that there will be additional information that borrowers will need to complete, sign and submit to mortgage brokers for all lending products (e.g. owner occupier/investor loans).
Applications will be checked by the bank and through third-party credit agencies to verify the quality of the financial information. This is in response to the Royal Commission and relates to the ‘responsible lending’ guidelines.
The new push for financial information is going to help bankers and mortgage brokers better understand the customer’s situation, ability to service the loan and provide tailored solutions.
The bank is going to be offering the range of new products, discounts and bonuses for new borrowers, e.g. $1250 bonus for buyers, investors or renovators.
If you have any questions, contact us for more information. Property Investment Coaching has over 20 years of expertise in providing an objective view of a customer’s financial situation, understanding the needs of the customer and providing guidance on growing wealth through property investment.