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Mortgage brokers are unhappy with the time it is taking banks to turn around home loan applications, stressing buyers.
One broker told RNZ applications take eight to 15 working days to be processed. That is longer than some houses are on the market for.
It is also leading to situations where the broker had sent customers to the bank directly, losing out on a commission for the work she had done.
David Cunningham, chief executive of mortgage brokers Squirrel, says the problem is that banks' broker processing teams are under-resourced and banks have more capacity to deal with customers coming directly to them.
ANZ says it does not favour direct customers over brokers, but that an application turnaround time depended on its complexity and the volume of applications.
BNZ did say broker applications can take longer because of differences in information gathering between mortgage brokers and in-house brokers.
David Cunningham talks to Kathryn.
