Blog

August 03, 2020

Search Mortgages Update

May saw a substantial drop in new home loan lending across Australia, and you would imagine with Melbourne being in Lockdown that June will also be low. But despite this drop the ABS revealed that refinancing has hit a record high, with external refinancing numbers hitting 29.19 per cent from April to May and 63.10 per cent, year-on-year according to seasonally adjusted figures.

With interest rates continuing at an all-time low our business is remaining steady. To see all the lowest rates available to potential Search Mortgages clients please visit our web site.

New regulations, a slowdown in off-shoring support and a spike in refinancing has meant that many banks are taking a long time to assess potential new home loan applications.

Please find below a list of turnaround times from many of the leading lenders. This is the time between a deal being submitted with full supporting documents and Search Mortgages receiving a Formal Approval. A number of our brokers are high performers and can get even quicker times with certain lenders. Please talk with your Search Mortgages broker * to discuss:

Bank SA  *                    

2-4 days

ANZ 

15+ days

NAB                            

12 days

CBA *

7-9 days

Westpac 

20-25 days

Choicelend

2-4 days

Adelaide Bank            

5-8 days

Suncorp

7-9 days

Bankwest

4-5 days

Beyond Bank              

3-4 days

Homestart

5-6 days

ING

2-3 days