Borrowers taking an extra interest in their home loans as rates fall are putting additional pressure on banks.
The country’s biggest bank, ANZ, said last week’s official cash rate cut and subsequent reductions to floating and fixed rates had resulted in an increase in calls to the bank’s contact centre, and longer wait times.
One customer told ANZ she had been told she would have to wait an hour to talk to someone on the phone.
She could not refix through the app because she wanted to divide her loan into smaller parts. The bank branch told her she had to phone.
ANZ said it understood it could be frustrating for customers, and it apologised for any inconvenience caused.
“We have adjusted the size of our team to meet demand and average wait times are currently sitting at around 30 minutes.
“We’re working hard to improve those wait times and thank our customers for their patience while we work through a large number of home loan queries.
“Another option for our customers is to send their query through secure bank mail via internet banking.”
BNZ said it had had an increase in inquiries but had moved staff where they were needed.
Kiwibank said it, too, had experienced an increase in calls and emails from customers over the past week.
A spokesperson said home loan application times were not affected but there had been an increase in volumes.
“At the same time, we’re continuing to invest in our adviser channel by bringing on new team members, enhancing our systems and processes, and developing new solutions to improve the experience for both advisers and customers. Based on feedback from advisers, we’ve launched fast pre-approvals for home loans, aiming to inform advisers and customers of loan decisions within 48 hours, subject to qualifying criteria.
“We’re also working on a digital solution that lets advisers submit loan applications directly from their customer relationship management system to Kiwibank’s decision engine. These ongoing changes are designed to make the loan process easier and quicker.”
