Watch FIFA World Cup 2026™

LIVE, FREE and EXCLUSIVE starting June 12 2026

NAB wants viable mortgage broking industry

NAB supports 72 of the 76 royal commission recommendations but the suggestion that customers rather than lenders should pay mortgage brokers is not among them.

NAB is supporting 72 of the 76 royal commission recommendations.
NAB is supporting 72 of Kenneth Hayne's 76 royal commission recommendations. (AAP)

NAB had completed or is in the process of implementing 26 of Kenneth Hayne's 76 royal commission recommendations, but is calling for government and regulatory clarity on other issues including broker remuneration.

The lender on Friday said it supports 72 of Commissioner Hayne's recommendations but wants to ensure the mortgage broking industry remains viable in the interest of customer choice.

Federal government, brokers and some lenders have opposed Commissioner Hayne's recommendation that customers rather than lenders should pay brokers.

"NAB will work with the Treasury-led working group to ensure that the broking industry remains viable, customers have choice and get the best possible outcomes," NAB said in a statement.

Acting chief executive Philip Chronican, who took charge last month following Commissioner Hayne's explicit criticism of NAB CEO Andrew Thorburn and chairman Ken Henry, said the lender was aiming for positive action as quickly as possible.

News that makes sense

Your trusted source for staying up-to-date with the world around you. Get free daily news updates and analysis, straight to your inbox.

By subscribing, you agree to SBS’s terms of service and privacy policy including receiving email updates from SBS.

"We have started the work to restore trust and make our organisation a better one for customers with a strategy to simplify the bank and its products and services," Mr Chronocan said.

The recommendations that NAB has already acted upon include updating the definition of a small business to include those with an annual turnover of $5 million and up to 100 employees.

"NAB supports the intent to expand the definition of small business, and will expand our definition from aggregate borrowings of less than $3 million to aggregate borrowings of less than $5 million," NAB said.


2 min read

Published

Source: AAP



Share this with family and friends


Get SBS News straight to your inbox

Sign up now for daily news from Australia and around the world. You can also subscribe to Insight's weekly newsletter for in-depth features and first-person stories.

By subscribing, you agree to SBS’s terms of service and privacy policy including receiving email updates from SBS.

Follow SBS News

Download our apps

Listen to our podcasts

Get the latest with our News podcasts on your favourite podcast apps.

Watch on SBS

SBS World News

Take a global view with Australia's most comprehensive world news service

Stream now

Watch the latest news videos from Australia and across the world