Mortgage application turnaround times have increased to around two weeks due to a rise in housing market activity and lower interest rates. Banks are struggling to keep up because they haven't replaced staff who left over the past two years.
Experts suggest several improvements, including more frequent updates on turnaround times and pricing, read-only loan access for advisers, and a unified servicing channel to streamline processes. Some banks can process applications in under a week, but it's not the norm, making it frustrating for both advisers and clients.
To manage delays, Key Mortgages advises clients to include a four-week finance clause in sale agreements, especially for low-deposit borrowers needing valuations.
Key Mortgages suggests keeping up higher repayments following fixed mortgage rate to currently 4.49%. Repayments over a 20 year term are now similar to what peak market rates payments were over a 30-year loan term.
Jeremy chats with Andrew from NewsTalk ZB about OCR drops affecting mortgage market, turnaround times, and increasing demand.
Key Mortgages shares detail on how credit rating scores can impact your ability to borrow. Talk to us for more information on how to put your best foot forward with main banks
Kāinga Ora loan premium rises to 1.2% post July; Key Mortgages’ Jeremy Andrews says it’s still a good option for many first home buyers
Jeremy Andrews shares some tips and examples with RNZ where bad credit borrowers may still get loans with good explanations, equity, recent history.
Trump’s tariff war hit KiwiSaver balances, affecting first-home buyers' deposits, reports goodreturns.co.nz. Key Mortgages notes increased pressure on buyers and urges shifting to conservative funds and seeking advice to avoid further deposit setbacks amid Trump’s tariff war.
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