Just released: Third-Party Lending Report: Commercial Lending

The CEO of the major bank has confirmed that broker turnarounds are still taking too long, but added that the bank is focusing on digitisation and automation to speed up times.

The bank’s CEO attributed longer loan approval times to moving processing roles offshore in 2020 and responsible lending checks and balances, adding that it is looking to improve the process.

The average lender Net Promoter Score in the latest Broker Pulse survey shows that satisfaction levels dropped to new lows in March 2021.

Australia's largest ADIs are finding it difficult to keep up with demand from the increased activity within the property market but a handful of lenders have improved their position.

ING is continuing to improve its strong performance in the third-party lending channel with turnaround times now in line with market leader, Macquarie.

The major bank’s net promoter score has plunged into negative territory following a second consecutive increase in its turnaround times, new data has revealed.

Westpac has acknowledged that its response rates have been “too slow” following the “surge in demand for customer assistance at the start of the COVID-19 pandemic”, which created “challenging conditions for home lending processing and call centres, which “needed to be addressed”.

Meanwhile, discretionary industries like accommodation/food, retail see decreased demand.