Realestate.com.au to offer home loans
REA Group's realestate.com.au is hoping to grab a share of the $400 billion mortgage market by offering its own home loans from next year, thanks to a new partnership with National Australia Bank.
Consumers will be able to access home loans from NAB and other lenders, plus a realestate.com.au branded product - sourced from NAB - as part of the five-year agreement between the two companies.
REA chief executive Tracey Fellows said the partnership will help the company - which is majority owned by Rupert Murdoch's News Corp with a near 62 per cent stake - tap into the local mortgage market.
"We will be assisting home buyers throughout their entire property journey, whether it be buying, renting, investing or selling," Ms Fellows said.
NAB chief operating officer Antony Cahill said the partnership will bring property search and home lending together in an Australian first, and possibly even the world.
"We're combining our respective expertise to deliver more to Australian property buyers and create a game-changing experience," Mr Cahill said on Monday in a statement.
Both companies have established teams to collaborate on the development and rollout of the project.
REA's team will be led by executive director of financial services, Andrew Russell, and NAB's team will be led by executive general manager of consumer lending, Angus Gilfillan.