Banks are clearing a backlog of lending requests after 'unacceptable' delays of up to five weeks, which caused stress for borrowers before Christmas.  

A significant drop in interest rates late last year resulted in a surge of new home loan applications and refinancing and restructuring requests, according to mortgage brokers.  

Loan market advisor Michelle Isemonger says the weeks before Christmas are always a busy time - but December's OCR drop inspired this notable increase in applications.

LISTEN ABOVE

Banks are clearing a backlog of lending requests after 'unacceptable' delays of up to five weeks, which caused stress for borrowers before Christmas. &nbsp;
A significant drop in interest rates late last year resulted in a surge of new home loan applications and refinancing and restructuring requests, according to mortgage brokers. &nbsp;
Loan market advisor Michelle Isemonger says the weeks before Christmas are always a busy time - but December's OCR drop inspired this notable increase in applications.
LISTEN ABOVE

With a straight down the middle approach, Heather du Plessis-Allan Drive on Newstalk ZB delivers the very latest news and views to New Zealanders as they wrap up their day.

Heather du Plessis-Allan Drive

Michelle Isemonger: loan market advisor on the backlog impacting loan requests

https://api.omny.fm/orgs/7784f840-c291-422a-924b-ad9000bbad71/clips/b84a72d1-af01-4637-9303-b2800071f787/transcript