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23.01.2022 The four major banks have all supported a significant increase in housing prices this year, as they appeared before the House of Representatives economics standing committee to answer questions about their lending operations. The CEO of ANZ, Shayne Elliott, has predicted that house prices could rise by 17% this year, with loans to first home buyers over the last three months up 75% on last year. The CEO of CBA, Matt Comyn, told the committee that their expectations of growth ...are now 10%, highlighting that their confidence is underpinned by the fact that the mix of buyers doesn’t resemble previous cycles, with owner-occupiers currently making up 75% of applicants. Similarly, Westpac’s CEO, Peter King, and NAB CEO, Ross McEwan, agreed that a 10% increase in prices is likely, impacted by the lack of turnover in the market and low stock levels. The strong market is great for brokers, as the need for finance continues to grow! http://ow.ly/th8950EsCI7
20.01.2022 Lender turnaround times have been something of a challenge lately, with the combination of more compliance required plus increases in demand for loans. As such, lenders have been inundated with applications and simply cannot keep up with the workload, pushing turnaround times to record levels, sometimes up to 25 days. According to major lenders, the turnaround times are simply based on the complexity of the application and the channel it comes from - for example, for NAB, if ...an application comes from a direct channel, it’s able to able approve simple loans in less than a day, while a broker channel is taking around 12 days. And this is where brokers are finding things challenging. As approximately 60% of all mortgages in Australia are written by the broker channel, the delays processing broker-introduced loans has a wide-reaching impact on the broker proposition. MFAA CEO, Mike Felton, said that there has been a strong acknowledgement of the problem from several lenders, and that all four major banks had expressed a genuine and absolute concern about the issue and are working hard to resolve [it] so that brokers can go about their business. http://ow.ly/6eB750EsCxp
08.01.2022 This weekend's auction results and clearance rates.
02.01.2022 There’s good news for brokers and their clients as the COVID-19 recovery continues, with lenders cautiously removing extra checks on borrowers that were put in place during the COVID-19 pandemic. These checks include extra employment verification and ignoring bonuses or overtime payments, and were enforced to ensure borrowers’ income would not be impacted by COVID-19. Brokers across the country have been reporting that lenders have been taking a more ‘commercial’ approach to... reviewing applications, whilst also maintaining the required lending standards. We are seeing a more balanced approach by the banks. We are seeing less conservatism, but much thought being placed in every single customer application, said James Symond, chief executive of Commonwealth Bank’s Aussie Home Loans. The proportion of loan applications in which lenders are requesting more information from the customer has dropped from 48% in March 2020 to just 28% this year, according to data from Lendi, ensuring greater ease and speed with the application process. http://ow.ly/oQrz50EpVcB
