Survey reveals tight lending concerns
Independent economist Tony Alexander's latest quarterly survey found banks have "noticeably tightened up their lending criteria and processing times for mortgage applications" causing issues for borrowers and mortgage brokers.
Processing times for mortgages have been "blown out because of staff shortages", the survey found, with "existing customers given priority over new to bank clients".
Alexander, the keynote speaker at last year's TMM Better Business Conference, conducts a quarterly survey of the NZ marketplace, based on feedback from workers in different sectors.
The survey for the March quarter took in the views of more than 450 people.
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