Lenders’ turnaround times slowest in three years

The time it takes from loan submission to approval surpassed 25 days in the last three months of 2020, according to an aggregator’s research.

According to the Australian Finance Group’s (AFG) index for the second quarter of the financial year 2021, the average number of days it took for lenders to approve AFG broker loans after submission rose drastically in 2020.

The banks that suffered the longest waiting periods, according to Broker Pulse, include Westpac – and its subsidiary St.George, which were the slowest in reaching an initial credit decision, at 24 days and 21 days, respectively.

Conversely, AMP and ING were swift, while Macquarie Bank was found to be the speediest lender, maintaining its average of three days to initial credit decision.

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