A regional bank has announced it will begin to provide approvals for home loan applications from mortgage brokers within 24 hours.
The loans must meet the new ‘Fast Track’ criteria, an initiative that the lender promises will deliver a great outcome for both brokers and clients.
Heritage Bank has launched the Fast Track, which is limited to straightforward applications with all the correct documentation provided.
CEO Peter Lock said the bank had been trialling the concept over recent months and had successfully approved more than 10% of the total applications received from brokers within the 24-hour period. The fastest approval took just 90 minutes to process.
He added, “We appreciate that a fast turnaround and greater certainty of outcome is attractive to brokers and their clients.
“We know people don’t want to be kept in limbo, not certain exactly when or if a loan will be approved.
“That’s why we’ve launched this Fast Track promise for straightforward loan applications.
“If it’s a simple loan that fits within our Fast Track criteria, and if brokers provide us with the right documentation, we’ll give them an approval within 24 hours.”
To qualify for the Fast Track promise, the criteria include the following:
• Applicants must be Australian residents and permanent citizens, PAYG employees, employed for at least one year, not on probation, and with a clear credit history
• No guarantors involved
• Loan must be below 80% LVR, with either an upfront valuation already completed or an Automated Valuation completed upon submission
• Net Servicing Ratio must be below 97%
• Correct and complete supporting documentation must be uploaded to Apply Online and self-verified by the broker
Lock added, “Heritage has been investing strongly and working hard to enhance our broker proposition and the Fast Track promise is just another way we are delivering a better service for our broker partners.
“We’re a bank on the move, with great products and great rates, and we’d encourage all our broker partners to talk with us to find out how they can take advantage of our Fast Track promise.”
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