In our first update on the NAB Broker turnaround times for 2010, we’ve noticed that there really hasn’t been much of a change since we last updated everyone in September 2009 (see article here).

According to NAB Brokers’ website, the turnaround times on obtaining an unconditional approval has slipped slightly over the last few months.

NAB Broker has however managed to keep their turnaround times fairly stable from when we last reported on them taking 7 days to an unconditional approval (assuming you had everything you needed!)

The first downturn in service levels from NAB had been attributed to “Unprecedented volumes and a recent external supplier technology failure” which have impacted upon the service delivery and turnaround times, however in last 9 months, it seems that NAB have managed to improve on their service by a suitably large amount.
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According to NAB Brokers’ website, the turnaround times on obtaining an unconditional approval has been further improved over the last few months.

NAB Brokers has managed to improve their turnaround times from when we first reported on them taking 2 weeks to an unconditional approval (assuming you had everything you needed!)

The first downturn in service levels from NAB had been attributed to “Unprecedented volumes and a recent external supplier technology failure” which have impacted upon the service delivery and turnaround times.
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According to NAB Brokers’ website, the turnaround times on obtaining an unconditional approval has been nearly cut in half.

In the space of 6 weeks, NAB Brokers has managed to improve their turnaround times from when we last reported on them taking 2 weeks to an unconditional approval (assuming you had everything you needed!)

The previous downturn in service levels from NAB had been attributed to “Unprecedented volumes and a recent external supplier technology failure” which have impacted upon the service delivery and turnaround times.

Previous turnaround times can be viewed here
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By Jill Fraser for Lending Central

NAB has come under considerable attack lately for its lengthy processing times, poor service and discriminatory practices.

Last week broker Maria Rigoni took the matter to another level when she lodged a letter of complaint to MFAA CEO Phil Naylor, in which she accused NAB of being “in breach of the MFAA Code of Conduct” and “failure to reach reasonable standards of efficiency and competence in the conduct of business in the Mortgage & Finance Industry”.

Rigoni’s complaint was prompted by a 20-day processing delay followed by a rejection of the loan application due to her inadequate ‘star rating’, which she maintains “held her client to ransom”.

NAB’s Head of Broker Sales, John Flavell spoke exclusively to Lending Central about broker frustration and Rigoni’s complaints.
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According to NAB Broker’s website, the turnaround times from an conditional approval through to unconditional approval is a massive 12 business days (2 weeks) - and this is assumes you have everything that it needs.

The downturn in service levels from NAB have been attributed to “Unprecedented volumes and a recent external supplier technology failure” which have impacted upon the service delivery and turnaround times.

Naturally this is all assuming that you have an Electronic Decision being ‘Conditionally Approved’ with No LMI required and you’ve sent all the supporting documents in one batch.  If you don’t have this, the blow-out times are a LOT more.
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It has been announced that NAB Broker will be reducing it’s variable interest rates on all Homeside rates for new and existing customers.

For loans of $250,000 and above, the Homeside HomePlus Special Offer is now reduced to 5.17% and a rate of 4.99% on the Homeside 2 year Standard Fixed Rate.
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NAB Broker have announced initiatives that will allows it’s top brokers access to real-time information to help in the delivery of advice to clients.

As part of the initiative, NAB’s top rated 4-star brokers, which was announced with it’s new commission strucutre earlier this year, will have access to the information via internet banking, with their clients’ consent.

This is to include a variety of details from current balances and interest charges to payments and transaction histories.
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