tmmonline.nz  |   landlords.co.nz        About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds

NZ's Financial Adviser News Centre

GR Logo
Obituary - Highly respected adviser moves on READ ON Dismiss
Last Article Uploaded: Wednesday, September 29th, 9:07AM

Mortgages

rss
Latest Headlines

Poor turnaround times hurt advisers

Advisers are frustrated with having to cope with unacceptable delays in loan processing with lenders. 

Thursday, April 23rd 2015, 3:32PM 1 Comment

It appears that even with the hot property market lenders have not yet geared up their broker centres to deal with the sheer volume of loan applications coming through.  With evidence that some deals are taking four weeks to complete, there is a real danger that consumers will abandon brokers

"Lenders need to realise that unacceptable delays reflect very badly on the ‘broker experience’ with customers, who often blame the adviser for poor service," Mortgage Supply Co chief executive Jenny Campbell says.

"It’s not like this is a new problem, brokers have  been experiencing long delays for quite some time now, and the lenders are simply not addressing the issue seriously enough.  We hear of lending teams working through weekends and doing horrendous overtime hours.  This is not fair on these employees, and it’s not fair on the brokers that they are servicing."

So far, the only lender who is actively addressing this issue is Westpac, who are ramping up their technology to make efficiences in this area.  Citing the success of their App, they are able to turn deals around far more quickly than other lenders.

It certainly seems that lenders have not yet returned to the levels of staffing they had prior to the GFC, and given the indications that the property market is not going to slow down in the short term, perhaps they should be recruiting – fast.

In an email sent to brokers (and passed onto us by an adviser) Westpac Director of Third Party Banking Kylie Kneale says the bank is doing everything it can to reduce delays.

"We ask you to bear with us as investment in new technology brings major change to our systems and processes."

"We have all staff on deck working overtime and using our broader network for support to get through our queues. Applications and reworks are currently taking 5-7 working days to process, however, we are prioritising applications with an imminent settlement date or those submitted digitally."

She says advisers using Westpac's Lending App are having deals turned  around in 8 business hours.

What's your experience been with turnaround times? Email us your story.

Tags: ANZ ASB Mortgage Advisers Westpac

« [People] Chen changes BNZ board[People] Mortgage Express recruits from outside »

Special Offers

Comments from our readers

On 24 April 2015 at 3:23 pm michaelb said:
Once upon a time in the not too distant past, bank branch mangers approved all home loan apples including those of broker referrals up to their individual lending discretion. Mine was 500k. How sad there are now no more BANKERS

Sign In to add your comment

 

print

Printable version  

print

Email to a friend
News Bites
Latest Comments
Subscribe Now

Mortgage Rates Newsletter

Daily Weekly

Previous News

MORE NEWS»

Most Commented On
Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA 4.55 2.85 3.25 3.55
ANZ 4.44 ▲3.39 ▲3.85 ▲4.09
ANZ Blueprint to Build 1.68 - - -
ANZ Special - ▲2.79 ▲3.25 ▲3.49
ASB Back My Build 1.79 - - -
ASB Bank 4.45 2.85 3.25 3.55
Basecorp Finance 5.49 - - -
Bluestone 3.49 3.34 2.99 3.34
BNZ - Classic - 2.85 3.25 3.55
BNZ - Mortgage One 5.15 - - -
BNZ - Rapid Repay 4.60 - - -
Lender Flt 1yr 2yr 3yr
BNZ - Std, FlyBuys 4.55 3.45 3.85 4.15
BNZ - TotalMoney 4.55 - - -
CFML Loans 4.95 - - -
China Construction Bank 4.49 4.70 4.80 4.95
China Construction Bank Special - 2.65 2.65 2.80
Credit Union Auckland 5.95 - - -
Credit Union Baywide 5.65 3.95 3.85 -
Credit Union South 5.65 3.95 3.85 -
First Credit Union Special 5.85 2.95 3.45 -
Heartland Bank - Online 2.25 1.85 2.35 2.65
Heretaunga Building Society 4.99 3.80 3.90 -
Lender Flt 1yr 2yr 3yr
HSBC Premier 4.49 2.19 2.45 2.69
HSBC Premier LVR > 80% - - - -
HSBC Special - 2.25 - -
ICBC 3.69 ▲2.45 ▲2.85 ▲3.15
Kainga Ora 4.43 2.88 3.28 3.59
Kainga Ora - First Home Buyer Special - 2.25 - -
Kiwibank 3.75 ▲3.80 ▲4.00 4.34
Kiwibank - Offset 3.75 - - -
Kiwibank Special 3.75 ▲2.95 ▲3.15 3.49
Liberty 5.69 - - -
Nelson Building Society 4.95 2.99 3.24 -
Lender Flt 1yr 2yr 3yr
Pepper Essential 4.79 - - -
Resimac 3.39 2.98 2.79 3.29
SBS Bank 4.54 2.99 3.39 3.59
SBS Bank Special - 2.49 2.89 3.09
Select Home Loans 3.49 3.34 2.99 3.34
The Co-operative Bank - First Home Special - ▲2.65 - -
The Co-operative Bank - Owner Occ 4.40 ▲2.85 ▲3.25 ▲3.49
The Co-operative Bank - Standard 4.40 ▲3.35 ▲3.75 ▲3.99
TSB Bank 5.34 3.35 3.75 4.05
TSB Special 4.54 2.55 2.95 3.25
Wairarapa Building Society 4.99 3.55 3.49 -
Lender Flt 1yr 2yr 3yr
Westpac 4.59 3.45 3.85 4.09
Westpac - Offset 4.59 - - -
Westpac Special - 2.85 3.25 3.49
Median 4.54 2.95 3.25 3.49

Last updated: 29 September 2021 8:51am

About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox  |  Disclaimer
 
Site by Web Developer and eyelovedesign.com