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ASB using branches for broker applications

ASB has become the latest bank to send adviser home loan applications to branches for completion, as it tries to reduce a backlog of deals.

Thursday, November 5th 2020, 10:15AM 2 Comments

Multiple advisers told TMM Online that the bank has begun to divert home loan applications to branches around the country to speed up the process for third-party clients.

The bank is said to be choosing quieter branches, and mobile managers, to handle the home loan completions.

"The banks are at capacity, and those that have the best systems for processing will have a massive advantage in the next year," one adviser said. "ASB are sending some loans to random places, far from where the deal is originated," the adviser added.

ASB didn't reply to a request for comment. 

It comes as lenders struggle to cope amid a booming housing market, a pile of loan deferrals and holiday requests, and a shortage of staff to process third party deals. 

ANZ has recently employed more people in its broker unit, and outsourced processing to branch staff.

Lenders are under pressure from a lack of staff, and the greater level of scrutiny placed on borrowers' credit following the Covid pandemic.

Turnaround times have deteriorated since the Covid pandemic. According to independent economist Tony Alexander's latest adviser survey, turnaround times are up to 20 working days at some banks. 

Tags: ANZ ASB home loans Lending Mortgage Advisers mortgages

« Could KiwiBuild home loans be at risk?ANZ profit drops 27% after loan writedowns »

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Comments from our readers

On 5 November 2020 at 4:07 pm Andy the adviser said:
And it will get worse as banks close more branches, putting more pressure on brokers and the broker centres.

Where did banks think customers would go if they couldn't get to a branch for financial advice?

If a client misses out on good financial advice or gets in trouble through lack of access, is this in keeping with the Responsible Lending Code? I'm pretty sure that if I took 20 working days to get back to my client i would be out of business, and in front of my disputes resolution scheme!

On 6 November 2020 at 12:12 pm Amused said:
In all honesty the best thing that ASB could do to improve its current turnaround times to mortgage brokers and our customers is to replace their current head of third party. The individual employed in this role has evidently become completely disinterested in the broker channel and needs to be replaced. It’s bloody sad to see a bank that was once so service focused now delivering turnaround times as long as 20 days in some instances and thinking this is acceptable.

If you’d said to me 10 years ago that ASB service levels to mortgage brokers would be this bad now I would never have believed you. Out of all the lenders ASB has always been traditionally the most pro broker but that appears not be the case anymore. Well ASB with you closing so many of your branches soon the current volume of applications from mortgage brokers is only going to increase.

I am aware that when able to deal direct with a local ASB branch mortgage brokers around the country are still getting great service for their customers however the broker centres are another matter entirely.

Special mention goes to the Wellington Broker Centre which might as well be closed now for all intents and purposes.

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Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA 4.55 2.55 2.69 2.79
ANZ 4.44 3.09 3.25 3.39
ANZ Special - 2.49 2.69 2.79
ASB Bank 4.45 2.49 2.59 2.65
Bluestone 3.49 3.49 3.49 3.49
BNZ - Classic - 2.49 2.69 2.79
BNZ - Mortgage One 5.15 - - -
BNZ - Rapid Repay 4.60 - - -
BNZ - Std, FlyBuys 4.55 3.09 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 2.50 1.99 2.35 2.45
Heretaunga Building Society 4.99 3.50 3.40 -
HSBC Premier 4.49 2.25 2.35 2.65
HSBC Premier LVR > 80% - - - -
Lender Flt 1yr 2yr 3yr
HSBC Special - - - -
ICBC 3.69 2.45 ▼2.45 ▼2.65
Kainga Ora 4.43 2.93 3.07 3.24
Kainga Ora - First Home Buyer Special - 2.25 - -
Kiwibank 3.40 3.30 3.50 3.50
Kiwibank - Offset 3.40 - - -
Kiwibank Special 3.40 2.55 2.65 2.65
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
Lender Flt 1yr 2yr 3yr
SBS Bank 4.54 2.99 3.15 3.25
SBS Bank Special - 2.49 2.65 2.75
The Co-operative Bank - First Home Special - - - -
The Co-operative Bank - Owner Occ 4.40 2.49 2.69 2.79
The Co-operative Bank - Standard 4.40 2.99 3.19 3.29
TSB Bank 5.34 3.29 3.29 3.59
TSB Special 4.54 2.49 2.49 2.79
Wairarapa Building Society 4.99 3.55 3.49 -
Westpac 4.59 3.09 3.29 3.39
Westpac - Offset 4.59 - - -
Westpac Special - 2.49 2.69 2.79
Median 4.55 2.94 3.07 2.80

Last updated: 23 November 2020 12:23pm

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