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 shares details with Good Returns how expanded low-deposit lending options may help eligible first home buyers enter the market sooner and with better pricing
As featured in Stuff, buying property with friends or family can improve affordability, but clear agreements and proper structure are essential.
Banks and Mortgages advisers discuss with New Zealand Herald, why home loan approvals may take longer as lenders apply more detailed affordability checks and tighter financial assessments.
In our recent discussion with Radio New Zealand, we shared that age alone doesn't prevent home loan approval, but lenders carefully assess retirement income and long-term repayment plans.
Key Mortgages has been committed to supporting clients for nearly a decade, offering ongoing advice and tailored solutions without extra fees, even as industry changes occur.
Jeremy from Key Mortgages shares experiences of fixing in high rates long term and using break fee benefit calculator. One couple’s complaint over costly break fees after fixing five-year mortgage at 6.29%–6.66% rejected.
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