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Waiting for mortgage approval? You’re not alone – Stuff.co.nz
Bank customers and mortgage brokers are facing long waits for home loan approvals in a booming housing market.
Rock-bottom interest rates mean the housing market is booming, bank staff are coping with a barrage of Covid-related customer enquiries, and are nervous about giving mortgages to people who might lose their jobs or their businesses. That adds up to frustratingly long waits for customers wanting a home loan.
Once upon a time, it was pretty quick to get a decision on your mortgage. You went to your bank with your documents and within a few days – sometimes even hours – you had an answer, yay or …
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