Are you searching for the right home loan but aren't sure which bank to choose? Then this blog post about how long each bank takes to process applications is definitely for you!
Most people usually contact a Mortgage Broker when it's time to choose a bank for their home loan, as they tend to do all the hard work for you and you don't even have to pay them for their time. However if you're choosing to do it alone, below are the current turn around times for each bank.
Bank turn around times have increased dramatically during the current market, however each bank is different and some haven't increased by much, whereas others have blown right out.
NAB's turnaround times haven't increased by much - just a mere day from 9 to 10 business days.
Both CBA and Westpac have increased their processing times from just 3 business days to a whopping 14 business days.
ANZ has the longest processing time, going from an average of 26 business days in June, to 27 business days in July.
Contract finance clauses are been extended multiple times because of the new waiting times, and sellers are having to wait almost a month to find out if the property will go unconditional, or whether they will have to start from scratch to find a new contract.
If you'd like to know more about what's happening in the market atm, or you'd like a recommendation for a Mortgage Broker, please contact me on 0414 520 853 or email me at firstname.lastname@example.org.