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Turnaround times: how do the banks compare?

ANZ has the worst turnaround times in the home loan market, according to a snap survey conducted by TMM Online.

Monday, September 14th 2020, 8:46AM 1 Comment

We asked a selection of leading brokers to give us their view on the best and worst banks for mortgage approvals since the Covid-19 pandemic disrupted the home loan market. 

Seven in ten said ANZ currently had the worst turnaround times for home loans, taking more than ten working days to process loans. 

Advisers gave their views on condition of anonymity. 

One said ANZ was the worst "by a long long margin". "It's unacceptable," the broker said. 

Advisers hope ANZ's recent move to reallocate branch staff to process mortgage applications will help to improve turnaround times. ANZ has also hired more staff to its adviser processing team in recent weeks. 

"They have employed more people but it takes time to fix these sort of things," said one adviser. 

The bank says the economic crisis caused by Covid-19 has made processing home loans more difficult. It is also dealing with mortgage deferral requests, putting strain on the lender's resources: "There’s currently strong demand through our broker channel, and some of the conversations are more complex than usual due to Covid."

Three in ten people said ASB/Sovereign had the quickest turnaround times in the market. 

"Westpac and ASB are doing really well and are utilising the branch staff," one adviser said. "Sometimes those banks have a 48 hour turnaround."

One adviser gave all of the banks the thumbs down. 

"There’s not really one bank that stands out as being the worst turnaround times. They are all between eight and ten days. ANZ has taken on some new team members so hopefully they will improve."

Tags: Lending

« Kiwibank just over a month away from entering adviser marketAre branch customers getting preferential treatment? »

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Comments from our readers

On 14 September 2020 at 9:17 am Amused said:
These delays in assessing new mortgage applications reinforce once again that ANZ and the other banks must invest in a dedicated online portal for mortgage brokers. This will result in much improved turnaround times for our customers. A direct "broker to bank" portal without any need for a third party (dealer group) CRM to be involved is the future for all mortgage broker originated applications.

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Lender Flt 1yr 2yr 3yr
AIA - Back My Build 6.19 - - -
AIA - Go Home Loans 8.74 7.24 6.79 6.65
ANZ 8.64 7.84 7.39 7.25
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 7.24 6.79 6.65
ASB Bank 8.64 7.24 6.79 6.65
ASB Better Homes Top Up - - - 1.00
Avanti Finance 9.15 - - -
Basecorp Finance 9.60 - - -
Bluestone 9.24 - - -
Lender Flt 1yr 2yr 3yr
BNZ - Classic - 7.24 6.79 6.65
BNZ - Green Home Loan top-ups - - - 1.00
BNZ - Mortgage One 8.69 - - -
BNZ - Rapid Repay 8.69 - - -
BNZ - Std, FlyBuys 8.69 7.84 7.39 7.25
BNZ - TotalMoney 8.69 - - -
CFML Loans 9.45 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - 7.04 - -
Co-operative Bank - Owner Occ 8.40 7.24 6.79 6.65
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Standard 8.40 7.74 7.29 7.15
Credit Union Auckland 7.70 - - -
First Credit Union Special - 7.45 7.35 -
First Credit Union Standard 8.50 7.99 7.85 -
Heartland Bank - Online 7.99 6.69 6.45 6.19
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.90 7.60 7.40 -
HSBC Premier 8.59 - - -
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 7.85 7.05 6.75 6.59
Lender Flt 1yr 2yr 3yr
Kainga Ora 8.64 7.79 7.39 7.25
Kainga Ora - First Home Buyer Special - - - -
Kiwibank 8.50 8.25 7.79 7.55
Kiwibank - Offset 8.50 - - -
Kiwibank Special - 7.25 6.79 6.65
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 9.00 7.75 7.35 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
Resimac - LVR < 80% 8.84 ▼8.09 ▼7.59 ▼7.29
Lender Flt 1yr 2yr 3yr
Resimac - LVR < 90% 9.84 ▼9.09 ▼8.59 ▼8.29
Resimac - Specialist Clear (Alt Doc) - - 8.99 -
Resimac - Specialist Clear (Full Doc) - - 9.49 -
SBS Bank 8.74 7.84 7.45 7.25
SBS Bank Special - 7.24 6.85 6.65
SBS Construction lending for FHB - - - -
SBS FirstHome Combo 6.19 6.74 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.95 - - -
Select Home Loans 9.24 - - -
TSB Bank 9.44 8.04 7.55 7.45
Lender Flt 1yr 2yr 3yr
TSB Special 8.64 7.24 6.75 6.65
Unity 8.64 6.99 6.79 -
Unity First Home Buyer special - - 6.45 -
Wairarapa Building Society 8.60 6.95 6.85 -
Westpac 8.64 7.89 7.49 7.25
Westpac Choices Everyday 8.74 - - -
Westpac Offset 8.64 - - -
Westpac Special - 7.29 6.89 6.65
Median 8.64 7.29 7.32 6.65

Last updated: 28 March 2024 9:42am

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