If you apply for a mortgage today, it probably won’t even get to the top of the (probably digital) loan approvals pile at the bank for a couple of weeks, mortgage brokers say. One is that bank staff, including people on the mortgage teams, are already busy with dealing with requests from other people needing help with their existing mortgages, including wanting mortgage 'holidays'. “It’s a timing thing,” says mortgage broker Bruce Patten of Loan Market. “The banks didn’t expect a massive increase in mortgage enquiries when Covid hit - people were predicting the housing market to fall. The banks have committed to “resourcing up” their mortgage departments, says Matthew Nauer, group sales manager at Mike Pero Mortgages.

Source: Stuff September 08, 2020 18:00 UTC