Banks catch up on lending requests after ‘unacceptable delays’ in December

Banks catch up on lending requests after ‘unacceptable delays’ in December
Banks were unable to keep up with lending requests at the end of last year, mortgage brokers say.
Cécile Meier
Banks are clearing a backlog of lending requests after “unacceptable delays” of up to five weeks, which caused stress for borrowers before Christmas. Following a drop in interest rates late last year, banks were being swamped with new home loan applications and refinancing and restructuring requests, according to mortgage brokers. First Union said the jump in activity, coupled with banks staffing at minimal levels and some offshoring parts of their lending team, caused delays and stress for borrowers, staff and mortgage br...

More Finance

Craigs beefs up in Hawkes Bay, eyes further expansion
Finance

Craigs beefs up in Hawkes Bay, eyes further expansion

Craigs looks to further expansion as it confirms the Somerset Smith Partners deal.

Life insurance market shrinks
Finance

Life insurance market shrinks

Foreign firms dominate as affordability, tax and access barriers stymie growth.

Phasing out $6b capital layer unlikely to dent banks’ ratings
Finance

Phasing out $6b capital layer unlikely to dent banks’ ratings

Banks’ credit ratings likely unmoved if Additional Tier 1 capital phased out. 

Andy Macdonald 17 Sep 2025
Court funding miss ‘undermines market confidence’
Finance

Court funding miss ‘undermines market confidence’

Plenary and Infrastructure NZ wrote to ministers over PPP ‘disappointment’.

Oliver Lewis 17 Sep 2025