Bankwest is set to unveil a series of broker centric initiatives that it claims will push approval time down to just four days.
Speaking to The Adviser, Bankwest’s head of specialist lending Ian Rakhit said the lender was currently in the process of introducing three new key initiatives that would “significantly” improve turnaround times.
“This year we are looking to give brokers the ability to email documents directly to Bankwest to support a file,” Mr Rakhit said.
“That same technology will then allow Bankwest to send the contract directly to the broker which saves all the postal delays and takes days off the end approval time.”
At present, brokers are required to fax or post all supporting documents and the contract through to the lender.
In addition to this initiative, Bankwest is also looking to create a deal specific checklist for brokers that will help them identify exactly what documents are required for each and every loan.
“Around March, we will have our own DUA as well,” Mr Rakhit said.
“Currently, Bankwest makes a decision and then passes this on to QBE LMI for approval. This not only slows the whole process down, but brokers have told me that it is frustrating to learn that the decision made by Bankwest is not in fact the final decision.
“QBE LMI recognises that we are making the right lending decisions and therefore we should be able to make those decisions with brokers the first time.”
This will, according to Mr Rakhit, take one full day off the approval time.
“At the end of the day this is a partnership. Some weeks, 50 per cent of the applications we get from brokers do not have the right documents attached.
“I am committed to improving our turnaround times and improving our service proposition in any way possible. But, if we are going to step up to the plate, we need our brokers partners to do the same,” he said.