Powered by MOMENTUM MEDIA
SUBSCRIBE TO OUR NEWSLETTER SIGN UP
Powered by MOMENTUM MEDIA

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

Borrower perception of turnaround times warped: RFI

Staff Reporter 4 minute read

Brokers need to think carefully about how they manage borrower expectations when it comes to turnaround times according to the findings of a major consumer survey.

According to Retail Finance Intelligence’s latest report on Consumer Attitudes to Mortgage Brokers 2009 almost 80 per cent of borrowers consider times of less than 48 hours to be acceptable for approval.

“As a significant proportion of customers have unrealistic expectations in regards to approval time, it is important for advisors to manage these expectations accordingly to ensure the customers application experience is a positive one,” Alan Shields, research director at RFi told Mortgage Business.

Just over 4 per cent of the 2,000 mortgage holders surveyed for the report, said they expected approval within the hour, while 31 per cent expected it within 24 hours and 40 per cent wanted approval within 24 - 48 hours.

Advertisement
Advertisement

From the perspective of keeping clients happy, it seems the faster the approval time and the less complicated the procedure, the better.

And in other findings the great majority of respondents said they valued having the research associated with a mortgage simplified for them.

A healthy 79 per cent said they would use a broker to see a range of loans from a range of lenders, while 67 per cent said they believed a broker would save them time.

Borrower perception of turnaround times warped: RFI
default
TheAdviser logo

If you’re feeling overworked and overwhelmed in this fast-paced mortgage market, it’s time to make some changes, and the Business Accelerator Program can help! Early bird tickets are on sale now. Work smarter, not harder, this year.

PROMOTED CONTENT


default

 

more from the adviser
handshake news Ex-broker head to lead MyState banking

A former broker head has returned to MyState Bank to tackle turna...

BBS 2021 ta SA/NT’s top brokers crowned

The leading brokers in South Australia and the Northern Territory...

Paul Kearney ta AFCA recruits from ME Bank

The complaints authority has named a new executive general manage...