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· Posted on
February 21, 2024

Slow and steady DOES NOT win the race, NAB and ANZ find

NAB's dropped a little Christmas present for shareholders: they're aiming to approve home loan applications in one hour.

What's the key learning?

Background: Like many of the big four banks in 2021, NAB have had a bit of a scandalous year. We had reports of staff working unpaid overtime, an investigation into anti-money laundering failures...

What happened: Now, NAB's dropped a little Christmas present for shareholders: they're aiming to approve home loan applications in as little as one hour.

What else: It's all part of the plans to take back market share from new upstarts in town.

So what's the key learning?

💡When it comes to a home loan, there are a few critical aspects to consider:

  • interest rates
  • home loan features and benefits...
  • and turnaround time to get approved.

💡The turnaround time has become key to winning more customers and market share. In the past, banks like ANZ have taken around 32 days to approve a complex mortgage...which means your dream property could be sold before you're even approved.

💡So, traditional lenders are now trying to become more efficient to take back that market share.

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