The News Corp-owned Realestate.com.au will start offering readers home loans and taking a cut of the ticket following the announcement of a new partnership with the National Australia Bank. Realestate.com.au is regarded as the single most valuable media entity in Australia.
The deal announced yesterday will see the real estate site offer home loans under its own name using NAB’s funds. These sorts of loans are commonly known as “white label” loans in the industry and will help the business tap into Australia’s $400 billion mortgage market.
“It’s an exciting move for our business and it marks an important step in the evolution of our property-related service strategy as we diversify and build new revenue streams for the company,” said Tracy Fellows the CEO of REA Group who owns Realestate.com.au.
“In NAB, we have a partner which shares our commitment to innovation, and one that has the expertise, systems and know-how to ensure we deliver a compelling offering for Australian home buyers that will enable us to tap an annual $400 billion mortgage market opportunity.”
While, NAB COO, Anthony Cahill, said the marriage of a real estate site and a lender was unique in the market. “We’re excited to partner with realestate.com.au, which shares our vision to build innovative experiences to make it easier, simpler and more convenient for Australians to find the right home for them,” he said.
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