Bank turnaround times have worsened, say half of advisers

by Maya Breen19 Sep 2017
In NZ Adviser’s recent Advisers on Banks survey for 2017, Westpac was rated highest performer by mortgage advisers across New Zealand.

However when it came to turnaround times from the banks, over half the respondents (57%) said they had worsened over the last year.

Of those who felt turnaround times had deteriorated, 41% said it had worsened while 16% felt it had worsened significantly.

Others believed there was no difference (26%) whereas only 16% thought they had improved and just 2% felt they had improved significantly.

More than half (60%) of respondents also reported that product ranges and pricing had worsened in the last 12 months compared to 40% who thought they had improved.

It was a closer tally on whether commission structures had become better or worse, with 46% of advisers finding they had improved versus 54% who believed they had worsened.

Comments among advisers noting the best thing a bank had done for their business included:

“Generally provided a supportive assessment process for getting clients approved (rather than looking for a reason to decline first).”

“Go out of their way to get a deal together.”

“Amazing service. Quick turnaround and great local support from branch.”
“We are lucky in having an exceptional assessor that is very efficient and accessible, we know we will get a fast response with a good package offered.”

“Total support for our business model.”

However, comments on the worst things advisers had experienced from a bank included:

“Withdrew an approval for no apparent reason.”

“Poor communication, not helpful with deals or rates.”

“Taking 7 days to sign off the final loan conditions.”

“Branch service not up to the mark. “

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