NAB Cuts Average Home Loan Approval Time in Half

Customers who apply for a loan directly from NAB are approved unconditionally in less than two days on average, compared to an average of four days six months ago, according to NAB’s latest results.

Clients who apply for a NAB home loan through a broker now get the green light in half the time they did six months ago with faster and more consistent results thanks to better policies and processes. simple.

NAB client Peta Lawrence had a simple, digital experience applying for a home loan.

Around 35% of NAB clients are also unconditionally approved within an hour.

The reduced lead times under the bank’s simple home loan process were detailed in NAB’s half-year results released on May 5.

Rachel Slade, director of personal banking at NAB Group, said building Australia’s easiest home loan was part of good customer service.

“Customers tell us that it is essential to receive a quick decision. It gives them certainty and confidence to help them get into a property,” Ms Slade said.

NAB customer Peta Lawrence said the pre-approval process was simple.

“I saw the property on Saturday morning, spoke to NAB at noon, and was pre-approved by late afternoon,” Ms Lawrence said.

“I didn’t expect it to happen so fast. I did a little victory dance when I found out.

“I made an offer Monday morning and it was accepted Monday night. I’m moving in this week,” she said.

Ms Lawrence said the process of getting pre-approval to buy the unit in Sydney’s south in March was different to when she first bought a house.

“When I first got a home loan 20 years ago, you went to the bank and sat down with the bank manager. This time it was a Zoom date. Everything was on screen and very visible and straightforward,” she said.

Ms Slade said customers are increasingly choosing to do their banking digitally.

“We will continue to roll out Simple Home Loans over the next two years so that more and more customers can have this simple, digital experience,” she said.

“We also have a range of budgeting and planning tools, including a loan repayment calculator, which can help customers who want more control over their money so they are in a strong position when applying for a loan. real estate.”

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