The news that Loan Market Group has moved to acquire the three NAB-owned aggregators – PLAN Australia, Choice and FAST – has been welcomed by the Finance Brokers Association of Australia (FBAA).
Managing director Peter White AM sees the shuffle as “good for [the] industry” as he believes it will contribute to the sector’s future expansion.
“Finance and mortgage brokers should be encouraged because this investment highlights the confidence the market has in our sector and the potential for growth,” he said.
“It’s time for all of us to start to put 2020 behind us, have faith in our future, and look for new opportunities to expand and promote our services. “
For its part, NAB has attributed its decision to sell its broker aggregation businesses to Loan Market as part if its larger efforts to simplify its operations and focus on its core banking business.
“As the broker market evolves, it is the right time for us to exit broker aggregation and focus on lending at NAB,” explained NAB group executive of personal banking, Rachel Slade.
“The changes position PLAN Australia, Choice and FAST to continue to achieve great outcomes for brokers and customers. Loan Market Group brings strong credentials and will enable brokers to continue building their businesses and delivering for customers.
“Equally, this agreement provides Loan Market Group with leading Australian broker aggregation groups, PLAN Australia, Choice and FAST, industry-recognised expertise in residential and commercial lending, Australia’s largest Australian Credit Licence holder and an award-winning technology platform, Podium.”
Slade made sure to emphasise that while NAB felt sure it was time to divest the businesses, the major plans to remain committed and connected to the broker market in other ways.
“We continue to look for opportunities to support the broking industry and serve our customers well. Brokers play a significant role in the lending market and in enabling access to credit for many Australians,” she finished.