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ANZ redeploys staff to broker applications

ANZ has redirected more staff to handle mortgage adviser applications amid a growing backlog in home loan processing.

Thursday, September 10th 2020, 8:11AM 4 Comments

NZ's biggest bank, along with other New Zealand lenders, is struggling to process home loans and mortgage deferral requests, with loan applications also under more scrutiny since the impact of Covid-19.

Advisers report that ANZ has employed more people in its broker unit, and has also outsourced some processing to branch staff. 

It comes as lenders' processing capabilities come under pressure from mortgage deferral requests, extensions to mortgage holidays, due later this month, as well as new home loan applications. 

Brokers say ANZ and other big lenders are reviewing home loans more closely, with extra attention paid to borrowers' future financial security amid the Covid pandemic. 

As a result, turnaround times have suffered, causing ANZ to rejig its processing team in recent weeks. 

The processing delays have caused difficulties for home buyers keen to complete property purchases.

One adviser said: "This causes all sorts of issues for those buying, and several are taking huge risks by going unconditional without an unconditional offer, as agents are insisting on five-day finance clauses, which in most cases cannot be met."

An ANZ spokesman said the bank re-adjusts its broker processing team at times of increased demand.

"The number of staff we have managing applications from brokers changes depending on demand. There’s currently strong demand through our broker channel, and some of the conversations are more complex than usual due to Covid. We’re finding some customers’ circumstances have changed and we’re requiring more information to make an assessment."

Tags: ANZ

« Kiwibank just over a month away from entering adviser marketTurnaround time turmoil »

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Comments from our readers

On 10 September 2020 at 9:52 am Straight shooter said:
Well done ANZ, lets hope it manifests into some faster turnaround times. The industry is fast losing its appeal to many who are becoming disillusioned. For over 5 years now the annual survey has had the same response about turnaround times. It has got to the point where many advisers tell their clients to go direct to the bank for urgent answers, knowing that they just cannot compete with the layers of bureaucracy and red tape that broker units have. its about time the Managers who run these units stood up and provided a level of service, accountability and compliance to service standards they impose on us. At the same time invest in some technology and stop introducing countless forms to fill out and draconian compliance demands to meet before your loan is processed. Get with the times banks! enough of the excuses!
On 10 September 2020 at 10:36 am Amused said:
One adviser said: "This causes all sorts of issues for those buying, and several are taking huge risks by going unconditional without an unconditional offer, as agents are insisting on five-day finance clauses, which in most cases cannot be met."

Land agents......

On 11 September 2020 at 10:56 am michaelb said:
Banks should go back at least 20 years. I had a $1m lending authority as a senior branch manager for one of the then 4 main trading banks.
Loans approved on the spot. Customers could go to auctions or settle early. Only blockage in the chain was the lawyers doing the conveyancing. There are no bankers now just post boxes.
On 11 September 2020 at 12:42 pm Veteran Charles said:
As you say, Straight Shooter, well done ANZ. I was gratified to see that ANZ comes out and owns the problem whereas some other banks have the attitude we are the ones causing the problem and that it is essentially our fault for putting up so much business. This is why I use ANZ wherever I can. The staff work weekends, they do their level best.

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Lender Flt 1yr 2yr 3yr
AIA 4.55 2.55 2.95 3.29
ANZ 4.44 ▲3.15 ▲3.55 ▼3.75
ANZ Blueprint to Build 1.68 - - -
ANZ Special - ▲2.55 ▲2.95 ▼3.15
ASB Back My Build 1.79 - - -
ASB Bank 4.45 2.55 2.95 3.29
Basecorp Finance 5.49 - - -
Bluestone 3.49 3.34 2.99 3.34
BNZ - Classic - 2.55 2.95 3.25
BNZ - Mortgage One 5.15 - - -
BNZ - Rapid Repay 4.60 - - -
Lender Flt 1yr 2yr 3yr
BNZ - Std, FlyBuys 4.55 3.15 3.22 3.85
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 1.95 1.85 2.35 2.45
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 2.29 2.69 2.99
Kainga Ora 4.43 2.67 2.97 3.13
Kainga Ora - First Home Buyer Special - 2.25 - -
Kiwibank 3.75 3.34 3.34 4.14
Kiwibank - Offset 3.75 - - -
Kiwibank Special 3.75 2.49 2.49 3.29
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 ▲2.89 ▲3.29 ▲3.49
SBS Bank Special - ▲2.39 ▲2.79 ▲2.99
Select Home Loans 3.49 3.34 2.99 3.34
The Co-operative Bank - First Home Special - 2.29 - -
The Co-operative Bank - Owner Occ 4.40 2.49 2.89 3.19
The Co-operative Bank - Standard 4.40 2.99 3.39 3.69
TSB Bank 5.34 3.30 3.69 4.04
TSB Special 4.54 2.50 2.89 3.24
Wairarapa Building Society 4.99 3.55 3.49 -
Lender Flt 1yr 2yr 3yr
Westpac 4.59 3.15 3.49 3.89
Westpac - Offset 4.59 - - -
Westpac Special - 2.55 2.89 3.29
Median 4.54 2.78 2.99 3.29

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