Two non-major banks have released revised turnaround times for home loans, stating that they can now service PAYG customers in around two days.
Suncorp Bank said that, as of 18 July, it would take two days for both initial assessment and credit assessment (or one day for Gold- and Silver-level brokers), two days for purchase settlement and refinance settlement and up to four days for documents to be dispatched (however, this is reduced to one day for Gold-level brokers).
The same turnaround times for each segment are applicable to small business loans.
The bank added it was “pleased” that their turnaround times were “back within our published service levels”, following a “busy period”.
Suncorp Bank also announced a reduction in the pricing tiers of their Home Package Plus (HPP) standard variable rates and their Access Equity products, effective 18 July.
The bank has reduced the pricing tiers on those loans from 27 to nine in order to provide a “better understanding of the HPP discount available”.
The Bank of Queensland (BOQ) has also published turnaround times (for conditional approval) of between two and six days for PAYG clients and four to eight days for self-employed clients.
The bank said: “Quality applications regularly beat the turnaround times quoted. Conversely when the application is put together poorly with supporting documentation missing, the quoted times cannot be guaranteed.
“We stress the importance of providing all supporting documentation (with a quality application) lodged all together at the time of lodgement.”
BOQ has also released new campaign rates for two and three-year fixed principal and interest loans for both owner-occupiers and investors. The rates are 3.85 per cent per annum (p.a.) for two-year terms and 3.79 per cent p.a. for three-year owner-occupied terms, and 3.99 per cent p.a. for three-year investor terms.
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