Service agreements could help banks’ processing timeframes

As turnaround times at the major banks show little sign of improvement, FAMNZ wants clear service level agreements introduced.

“That’s standard in most business partnership – and this should be no different,” Leigh Hodgetts, FAMNZ country head says. 

“Right now, consumer choice is being compromised.”

FAMNZ members are consistently reporting delays of 7–10 days on average, and even longer for complex applications. These delays are adding pressure and uncertainty at critical moments in the home loan process, she says