Pre-approvals not turned off; Shared equity could be the answer

Earlier today we reported four banks had stopped issuing pre-approvals. We have been contacted by a couple of the banks to say that is not so.

ANZ says it "has not paused pre-approvals". Likewise, Westpac says "Westpac hasn’t turned off pre-approvals."

Meanwhile, we have a new story where Deloitte reports shared equity schemes could arrest declining home ownership. [READ ON]

Comments from our readers

On 23 July 2024 at 4:03 pm valkyrie6 said:

BNZ routinely tell mortgage advisers they will only assess live deals (not pre-approvals) however if you call them on the BNZ home loan line pretending to be a customer who is dealing with a mortgage adviser BNZ will then tell you over the phone to come direct to them and they can still give the customer a pre-approval.
The same also applies for when BNZ tells mortgage advisers they can’t look at over 80% deals unless they are “live” i.e. not doing preapprovals over 80% either.
This is how BNZ treats mortgage advisers.

On 24 July 2024 at 1:32 pm Amused said:

Hi valkyrie. Yes, I have also in the past called the BNZ home loan line myself and been told the same thing.

Looks like there one rule for mortgage advisers and another for BNZ staff if the customer goes direct.

Personally I find it difficult to have a relationship with a lender when the bank in question isn't been honest with us or indeed valuing the adviser channel.

Much rather place my customers and their business elsewhere.

Pre-approvals not turned off; Shared equity could be the answer

Tuesday, July 23rd 2024, 2:05PM 2 Comments

Comments from our readers

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