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

NZ's Financial Adviser News Centre

GR Logo
Last Article Uploaded: Tuesday, September 29th, 10:22AM

Mortgages

rss
Latest Headlines

Are branch customers getting preferential treatment?

Advisers fear major banks are prioritising direct mortgage applications over broker-led home loans, as turnaround times worsen. 

Tuesday, September 15th 2020, 6:24AM 5 Comments

Geoff Bawden

With turnaround times taking as long as 10 working days or three weeks, advisers say banks may be giving direct customers preferential treatment.

Geoff Bawden, founder of Q Group, said he had heard growing anecdotal evidence "which suggests that applications lodged direct with the bank are getting precedence over advisers' applications".

"It's not a good look if that is what is happening," Bawden added.

Another frustrated adviser got in touch with TMM Online to claim that direct clients were being given shorter turnaround times.

They said: "Why are there different turnaround times direct-to-branch? It's a question that needs to be asked."

The claims come as banks are labouring under a pile of mortgage deferral requests and home loans delayed by Covid-19. 

Bank staff are struggling to process applications, leading to a deterioration in already-slow turnaround times. 

ANZ, said to be among the slowest in the current market, recently reallocated branch staff to handle adviser applications. It has also bolstered its adviser processing team in recent weeks. 

Have you noticed a difference in direct and adviser-led turnaround times? Please get in touch at daniel@tarawera.co.nz

Tags: ANZ Lending mortgages

« Kiwibank just over a month away from entering adviser marketResimac in $300m mortgage offering »

Special Offers

Comments from our readers

On 15 September 2020 at 9:52 am JeffQV said:
It is happening, not sure to what extent, lost two clients to my knowledge over this.
On 15 September 2020 at 5:09 pm Jonny Good Guy said:
Yes it is happening expected from one bank
On 15 September 2020 at 5:10 pm valkyrie6 said:
yes unfortunately branch staff can process applications a lot faster than advisers can when the broker units are not functioning properly , I have never wanted special treatment as an adviser ,just an even playing field , no more no less..
On 16 September 2020 at 11:50 am michaelb said:
Get real you brokers. Banks’ will always give preference to their own customers.
On 16 September 2020 at 12:07 pm Moneykart said:
Yes that is the ground reality.Also have had deals that the broker unit declined/deferred get approved by the branch when the client approached them directly.Advisers generally come last in priority.

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 2.55 2.69 2.79
ANZ 4.44 3.15 3.25 3.39
ANZ Special - 2.55 2.69 2.79
ASB Bank 4.45 2.55 2.69 2.79
Bluestone 3.49 3.49 3.49 3.49
BNZ - Classic - 2.55 2.69 2.79
BNZ - Mortgage One 5.15 - - -
BNZ - Rapid Repay 4.60 - - -
BNZ - Std, FlyBuys 4.55 3.15 3.29 3.39
BNZ - TotalMoney 4.55 - - -
CFML Loans 4.95 - - -
Lender Flt 1yr 2yr 3yr
China Construction Bank 4.49 4.70 4.80 4.95
China Construction Bank Special - 2.65 2.65 2.80
Credit Union Auckland 5.45 - - -
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 3.95 2.89 2.97 3.39
Heartland Bank - Online - - - -
Heretaunga Building Society 4.99 3.85 3.95 -
HSBC Premier 4.49 2.45 2.60 2.65
HSBC Premier LVR > 80% - - - -
Lender Flt 1yr 2yr 3yr
HSBC Special - - - -
ICBC 3.69 2.45 2.65 2.79
Kainga Ora 4.43 2.93 3.07 3.24
Kiwibank 3.40 3.30 3.54 3.54
Kiwibank - Offset 3.40 - - -
Kiwibank Special 3.40 2.55 2.79 2.79
Liberty 5.69 - - -
Nelson Building Society 4.95 3.45 3.49 -
Pepper Essential 4.79 - - -
Resimac 3.39 3.35 2.99 3.35
SBS Bank 4.54 3.05 3.19 3.25
Lender Flt 1yr 2yr 3yr
SBS Bank Special - 2.55 2.69 2.75
The Co-operative Bank - Owner Occ 4.40 2.55 2.69 2.79
The Co-operative Bank - Standard 4.40 3.05 3.19 3.29
TSB Bank 5.34 3.29 3.45 3.59
TSB Special 4.54 2.49 2.65 2.79
Wairarapa Building Society 4.99 3.55 3.49 -
Westpac 4.59 3.15 3.29 3.39
Westpac - Offset 4.59 - - -
Westpac Special - 2.55 2.69 2.79
Median 4.55 3.00 3.13 3.02

Last updated: 21 September 2020 10:48am

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