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Is the writing on the wall for handwritten loan apps?

Handwritten loan applications may be on the way out for ANZ but are any of the other banks rushing to follow suit?

Thursday, June 15th 2017, 11:29AM

by Miriam Bell

From September 1, ANZ will no longer accept handwritten loan applications, or those that are not typed, from brokers.

The rule change will only apply to brokers because non-broker home loans applications are done with the help of an ANZ staff member.

An ANZ spokesperson said it was motivated by the fact that handwritten information can be difficult to decipher, which meant decreased service levels and increased risk of incorrect details being recorded.

However, it seems that the other major banks are not rushing to follow suit.

A BNZ spokesperson said that brokers have to lodge loan applications through BNZ’s electronic portal.

This means that if they do have handwritten forms they have to re-enter that information into the system anyway.

But BNZ doesn’t have a specific rule about not accepting handwritten applications, she added.

Likewise, an ASB spokesperson said they don't have a specific rule about not accepting handwritten applications from brokers.

“But all applications do have to meet a high quality standard and if they don’t meet our requirements they will be returned to the broker to re-do and re-submit.”

A Westpac spokesperson said Westpac has no plans to change its current system, while a Kiwibank spokesperson said they don’t use brokers, which means that the issue is not relevant to them.

Among brokers the rule change has elicited some discontent.

The Mortgage Supply Company’s David Windler said that, in his experience, most banks are pushing back on handwritten applications.

This was on the basis that it meant they have to rekey the information and that is greater potential for mistakes.

But most brokers would be submitting information electronically so ANZ’s rule change seems based on the lowest common denominator, he said.

“It is not that hard to complete an application form correctly. You might get the odd occasion when something handwritten is submitted but it shouldn’t be a train smash.”

He had no inkling that the other banks would be following ANZ’s move but said that banks were expecting brokers to fill out more and more forms.

“It doesn’t make it any easier to write business. And that’s a common theme really.”

 

Tags: ANZ ASB banks BNZ Kiwibank mortgages Westpac

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Lender Flt 1yr 2yr 3yr
AIA 6.35 5.25 5.45 5.99
ANZ 6.34 ▼5.59 6.05 ▼6.29
ANZ Blueprint to Build - - - -
ANZ Special - ▼4.99 5.45 ▼5.69
ASB Bank 6.35 5.25 5.45 ▼5.69
Avanti Finance 6.65 - - -
Basecorp Finance 7.25 - - -
Bluestone 6.89 - - -
BNZ - Classic - ▼4.95 5.39 ▼5.69
BNZ - Mortgage One 6.39 - - -
BNZ - Rapid Repay 6.39 - - -
Lender Flt 1yr 2yr 3yr
BNZ - Std, FlyBuys 6.39 ▼5.55 5.99 ▼6.29
BNZ - TotalMoney 6.39 - - -
CFML Loans 7.25 - - -
China Construction Bank - 5.35 5.80 5.99
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - ▼4.89 - -
Co-operative Bank - Owner Occ 6.25 ▼4.99 5.39 5.89
Co-operative Bank - Standard 6.25 ▼5.49 5.89 6.39
Credit Union Auckland 5.95 - - -
First Credit Union Special 5.85 5.35 5.85 -
Heartland Bank - Online 4.60 4.90 5.29 5.39
Lender Flt 1yr 2yr 3yr
Heretaunga Building Society 6.50 5.60 6.00 -
HSBC Premier 6.34 5.09 5.34 5.59
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 6.00 4.99 5.15 5.89
Kainga Ora 5.85 5.31 5.58 5.97
Kainga Ora - First Home Buyer Special - - - -
Kiwibank 6.00 ▼5.95 ▼6.45 6.79
Kiwibank - Offset 6.00 - - -
Kiwibank Special - ▼4.95 ▼5.45 5.89
Liberty 4.84 - - -
Lender Flt 1yr 2yr 3yr
Nelson Building Society 6.45 5.55 6.15 -
Pepper Money 5.29 - - -
Resimac 5.59 6.54 6.44 6.98
SBS Bank 6.29 5.65 5.89 5.99
SBS Bank Special - 5.15 5.39 5.49
Select Home Loans 6.89 - - -
TSB Bank 7.05 ▼5.65 6.09 ▼6.39
TSB Special 6.25 ▼4.85 5.29 ▼5.59
Unity 5.65 4.95 5.55 -
Wairarapa Building Society 6.49 5.55 6.15 -
Westpac 6.39 ▼5.55 6.05 ▼6.29
Lender Flt 1yr 2yr 3yr
Westpac - Offset 6.39 - - -
Westpac Special - ▼4.95 5.45 ▼5.69
Median 6.34 5.28 5.58 5.93

Last updated: 8 August 2022 8:14am

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