Invest
NAB signals focus on 1 million home loan customers
National Australian Bank CEO Andrew Thorburn has taken aim at the banking industry’s focus on mortgage discounts for new customers, signalling a renewed focus on its existing client base.
NAB signals focus on 1 million home loan customers
National Australian Bank CEO Andrew Thorburn has taken aim at the banking industry’s focus on mortgage discounts for new customers, signalling a renewed focus on its existing client base.

Following the release of its full-year 2018 financial results, Mr Thorburn criticised the way banks compete for new customers and those willing to shop around through offering them low interest rates, claiming such tactics are often at the expense of loyal customers.
“Banking does need to change; we need to focus back on customers, building loyalty and appreciation with them,” he said.
Speaking to investors, Mr Thorburn said NAB’s decision to keep its standard variable rate on hold and not follow the other big four banks in passing on the year’s funding costs to home loan customers was out of a desire to promote client ‘trust and loyalty’ and reduce the ‘churn’ through of new customers.
“For me, it doesn’t make a lot of sense when you’ve got a long-term product like a mortgage that the churn is after three or four years, and that’s because they’re getting more aggressive discounts and cheaper prices if they go back into the market,” he said.
“What we’re trying to signal here is we value our existing customers. We’ve got almost 1 million home loan customers at NAB, and we’re signalling to them that we appreciate their loyalty, we appreciate your business, and we want to keep this rate on hold for as long as we can to acknowledge that.”

Mr Thorburn's comments come in the wake of the Productivity Commission’s release of its findings into competition in the financial system in August. The report recommended making it easier for customers to change home loans every couple of years to inspire competition in the banking sector.
As part of the FY18 results, NAB has reported a 14 per cent fall in its cash profits to $5.7 billion. Mr Thorburn ascribed the drop to $530 million in restructuring costs and $261 million in customer-related remediation costs.

Property
North platform adds household reporting feature to boost adviser efficiency
AMP's North platform has launched consolidated household reporting across multiple client accounts, helping financial advisers streamline their client review processes. Read more

Property
What Adds The Most Value To Properties?
Wondering how to up the value of your property? Properties are worth a lot of money in general, but there’s always a way to maximise value. The good news is that most of the things you can do to ...Read more

Property
Centuria reports strong growth in alternative real estate sectors for FY24
Centuria Capital Group has reported significant growth in alternative real estate sectors for the 2024 financial year, driving stable performance and increased guidance for FY25. Read more

Property
How to leverage equity in your home for investment or renovation
Home equity, the value of your property minus any debts owed, is a powerful financial resource many homeowners in Australia can utilize to further their financial goals. Whether you're looking to ...Read more

Property
Exploring REITs: Real estate investment without buying property
Real Estate Investment Trusts (REITs) offer a compelling investment alternative for those interested in the real estate market but may not want to endure the complexities and capital requirements of ...Read more

Property
Retirement communities: a pivotal element in meeting Australia's housing targets
The Retirement Living Council (RLC) has recommended that retirement communities should be considered a vital part in the Australian Government's initiative to fulfill the Housing Australia Future Fund ...Read more

Property
Australians adjust financial strategies amid changing property market dynamics
The 2023 calendar year saw Australian borrowers acquiring a total of $300.9 billion in new loans for property purchases, marking a 12.7% decrease from the previous year. Read more

Property
Split home loans unlocking doors for Aussie buyers
Australians are teaming up to dive into the real estate market and seize the advantages of home ownership, with the trend of split home loans surging as family and friends unite to buy properties ...Read more

Property
North platform adds household reporting feature to boost adviser efficiency
AMP's North platform has launched consolidated household reporting across multiple client accounts, helping financial advisers streamline their client review processes. Read more

Property
What Adds The Most Value To Properties?
Wondering how to up the value of your property? Properties are worth a lot of money in general, but there’s always a way to maximise value. The good news is that most of the things you can do to ...Read more

Property
Centuria reports strong growth in alternative real estate sectors for FY24
Centuria Capital Group has reported significant growth in alternative real estate sectors for the 2024 financial year, driving stable performance and increased guidance for FY25. Read more

Property
How to leverage equity in your home for investment or renovation
Home equity, the value of your property minus any debts owed, is a powerful financial resource many homeowners in Australia can utilize to further their financial goals. Whether you're looking to ...Read more

Property
Exploring REITs: Real estate investment without buying property
Real Estate Investment Trusts (REITs) offer a compelling investment alternative for those interested in the real estate market but may not want to endure the complexities and capital requirements of ...Read more

Property
Retirement communities: a pivotal element in meeting Australia's housing targets
The Retirement Living Council (RLC) has recommended that retirement communities should be considered a vital part in the Australian Government's initiative to fulfill the Housing Australia Future Fund ...Read more

Property
Australians adjust financial strategies amid changing property market dynamics
The 2023 calendar year saw Australian borrowers acquiring a total of $300.9 billion in new loans for property purchases, marking a 12.7% decrease from the previous year. Read more

Property
Split home loans unlocking doors for Aussie buyers
Australians are teaming up to dive into the real estate market and seize the advantages of home ownership, with the trend of split home loans surging as family and friends unite to buy properties ...Read more