Westpac leading processing pack
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BN
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1/03/2010 10:45:00 AM
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10
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An AFG memo has revealed problems with NAB processing times, but also which of the major lenders is offering the quickest turnarounds.
The memo, obtained by BusinessDaily, advised brokers to consider other lenders such as ANZ and St George because of the processing delays at NAB.
It also included estimates of how long it took banks to process loan applications via brokers with Westpac leading the pack with the fastest turnaround time at 24 hours. St George was next best at up to 2 working days, followed by CBA (up to 3 days) and ANZ (4 days).
AFG chief operating officer Mark Hewitt told BusinessDaily NAB had been very open and transparent about processing problems, while a NAB spokeswoman said more staff had been hired to help ease the extra workloads caused by higher demand from brokers.
The bank said it had been extremely up-front with brokers about these delays.
Latest Comments
Total:
10
comment(s)
Broker on
01 Mar 2010 03:16 PM
Thank goodness an aggregator has the guts to stick up for us! I never thought this day would come! The process of making my decision to switch just got a whole lot easier...
Old Broker on
01 Mar 2010 03:22 PM
3 cheers for AFG. Hip, Hip...
Pardon - me broker on
01 Mar 2010 03:37 PM
Well now what a gutsy move, being a PLAN broker, I am waiting to see if they willdo something loke this, Oh sorry I forgot They are owned by the NAB!!! soooo will they still reveal all??? Not a chance.
Experienced Broker on
01 Mar 2010 05:19 PM
Unfortunately they are not aware that Westpac is currently taking 5 days to commence the initial assessment of Qld Loan Applications. If this is the standard achieved by the Bank which is "Leading the Pack" then we are all in for some tough times ahead.
Mortgage Choice qld franchisee on
01 Mar 2010 08:24 PM
I''m pleased to say that MC has been providing us with feedback on banks processing timeframes on a weekly basis for years now. They use a traffic light system and don''t seem to mind putting the blowtorch to any lender that runs off the rails a la Homeside today!
Joe Di Pietro on
01 Mar 2010 08:26 PM
Why is this news? My aggregator gives us weekly updates on every lender on a Green, Amber & Red rating for processing times & Quality! Why shouldnt we rate them, they try to rate us? Loankit is our aggregator by the way. By the time AFG''s memo is distributed all lenders processing times would have changed. We ahave seen it visually weekly!
Spinner on
02 Mar 2010 01:27 AM
Well done AFG.
Why is it so? With respect, its the nips and cuts in trying to treat the processing line like MacDonalds that always brings things undone. Experienced staff may cost more, but their intangible value is always greater. Quality costs less. Now its a big ship to turn around. But we need it to happen. We need Homeside up to speed and to be confident is offering consumer choice.
AFG Broker on
02 Mar 2010 10:49 AM
Being an AFG broker, I must have missed that memo!! It certainly wasn''t communicated to my office. Makes great news and looks good but AFG is still as weak in the pants as all of the other aggregators. The Banks have undoubtedly colluded to reduce broker commissions and make us accept poor service levels. At what stage is an aggregator going to show some guts and stand up for its members. I think they would rather not upset the applecart.
Peter on
02 Mar 2010 03:41 PM
If the turnaround times of 4 days was the worst case scenario I would think brokers would be overjoyed. My gos is that it is weeks not days as the norm. It appears that the horror stories are not true and by AFG compiling these figures from central records they explode the myths of the slack brokers that approval times have blown out. The golden rule is and always has been that if a broker produces an excellent loan submission they will get reasonable service. If you produce rubbish expect delays. It will not be easy for NAB to turnaround as loan processors don''t grow on trees and even if they put more people on now they are months before they are productive.
Another AFG broker on
02 Mar 2010 06:03 PM
didn''t get that memo either