Expectations banks will improve processing times within weeks

NZFSG has more than 1,100 advisers in its network and Martin says although the frustration level among them is high about the 10 days plus processing times, banks are acutely aware of the problem and are actively trying to fix it.

Martin expects to see a definite improvement for adviser generated home loan applications within weeks to show banks are walking the talk.

Advisers’ irritation is palpable as they feel the main banks are stringing out processing times for them but giving a fast turnaround – as little as 24 hours – to clients who go direct to their branches.

Martin, however, is not sure whether the FMA would be the best avenue for advisers to voice their exasperation.