First-home buyers swamping banks

Simon Hampel · 20th Apr, 2009

First-home buyers swamping banks | smh.com.au

LENDERS are struggling to keep pace with an unexpected increase in applications from first-home buyers, taking as long as a month to approve loans, which has led to some buyers missing settlement dates.

Strict new lending criteria are adding to delays, as is the inexperience of new home buyers having trouble navigating a maze of paperwork.

Banks are being forced to add staff to mortgage processing divisions, which they had previously run down.

In a recent note to mortgage brokers, seen by the Herald, St George Bank's head of intermediary distribution, Steve Heavey, said the bank had hired additional staff to cope.

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HandyAndy888 · 23rd Apr, 2009

Sim said: ↑

First-home buyers swamping banks | smh.com.au
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This is the normal way banks are these days, even before FHB flood.

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