NAB targets 1 hour loan approvals in war of the big four mortgage treatments

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National Australia Bank chief executive Ross McEwan said the lender aimed to approve mortgage applications for home loans in less than an hour as it seeks to speed up processing times to leverage greater booming real estate market profit share.

At NAB’s annual general meeting on Friday, where shareholders asked the board about culture, financial crime compliance and fossil fuel financing, Mr McEwan said two-thirds of claims Mortgage loans with the bank were now approved in a day, but there was still work to be done. do to further reduce approval times

NAB CEO Ross McEwan and Chairman Philip Chronican at the bank’s AGM.

The comments came after the management of rival bank ANZ was again forced this week to concede failures after slow approval times caused it to lose market share, with the latest figures confirming that ANZ is taking 10 days to approve simple home loans with mortgage insurance from lenders and 32 days for complex loans. ready.

As the banking industry faces competition from fintechs and buyout players, the majors have stepped up investments in technology and automation to cash in on the booming Australian real estate market, fueled by cheap debt and high savings during blockages.

“We were able to accelerate the time for unconditional mortgage loan approvals, responding to nearly two-thirds of retail customers within the day,” said McEwan.

“Our priority is to make better use of data to make loan decisions faster and improve our customer experiences, in an increasingly digital and automated world. We want to make unconditional on-time home loan approvals the norm for NAB clients. “

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During the meeting, shareholders asked several questions about NAB’s corporate culture and wage underpayments after a damning report from the Financial Sector Union found serious mental health effects among middle managers . President Philip Chronican said the NAB took the report “very seriously” and improving the culture was a long-term process.

“We did not declare victory,” said Mr. Chronican. “The board does not expect excessive overtime to be part of NAB history.”


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