Westpac streamlines process for switching banks

The bank emailed mortgage advisers earlier this week outlining its new, streamlined refinancing requirements for customers wanting to move banks and to access like-for-like or smaller products including home loans.

“We're working hard to improve the lending application experience and reduce turnaround times for customers while also ensuring we continue to lend responsibly,” says Sarah Hearn, the bank's marketing, product and sustainability general manager.

“Recently, we updated our serviceability policy to shorten the application process for customers looking to refinance with Westpac on like-for-like consumer products including home loans, personal loans and credit cards,” Hearn told GoodReturns.

“Eligible customer may be able to switch to Westpac at the same or a reduced level of lending using a fast and easy assessment process,” she says.