The Australian digital advertising company has entered into a 5-year strategic partnership with National Australia Bank (NAB) to develop an Australian-first “innovative end-to-end digital property buying experience”, according to an ASX announcement.
This integrated digital home loan experience will allow realestate.com.au users to apply for a range of NAB home loans, as well as a “realestate.com.au branded white label product” and a panel of other lenders.
NAB will fund the development of the digital experience which, once complete, will allow REA Group to receive commissions from the settlement of home loans via their website.
— NAB (@NAB) December 19, 2016
REA’s Executive Director of Financial Services, Andrew Russell, will work with NAB to lead the development and roll-out of the new service in 2017.
“$400 billion mortgage market opportunity”
REA Group CEO Tracey Fellows said the partnership is an exciting move for their business.
“It marks an important step in the evolution of our property-related services strategy, as we diversify and build new revenue streams for the company,” Fellows said.
— REA Group (@REA_Group) December 18, 2016
“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 homebuyers that will enable us to tap an annual $400 billion mortgage market opportunity.”
Fellows said it will be an innovative solution that will marry property search and property finance.
“We will be assisting home buyers throughout their entire property journey, whether it be buying, renting, investing, or selling,” Fellows said.
“The digital experience we are creating in partnership with NAB will make realestate.com.au not only the best source of property insights, information and inspiration, but the place where people can achieve their property dreams more quickly and easily.”
“Simpler and more convenient for Australians to find the right home…”
NAB Chief Operating Officer, Antony Cahill, said property search and home lending will be brought together in a way that’s never been seen before in Australia or even the world.
“We’re combining our respective expertise to deliver more to Australian property buyers and create a game-changing experience,” Cahill said.
“NAB is always focused on developing ways to make the home ownership journey easier, simpler, and more convenient for customers, and this partnership with realestate.com.au supports this.
“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.”
— 9Finance (@9Finance) December 20, 2016
What is REA Group?
Founded in Australia in 1995, REA Group is an ASX-listed multinational digital advertising company specialising in property.
In Australia, they operate residential, commercial and share property websites:
They also run similar websites outside of Australia:
- Casa.it (Italy)
- atHome.lu (Luxemborg)
- atOffice.lu (Luxemborg)
- atHome.de (Germany)
- immoRegion.fr (France)
- myfun. com (China )
REA Group is majority-owned by Rupert Murdoch’s News Corp Australia.
The main competitor of realestate.com.au is Domain, which is wholly owned by News Corp’s biggest rival, Fairfax Media.