Turnaround times spike to 3-year high: AFG

Turnaround times spike to 3-year high: AFG
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An increase in market lending activity and a competitive lending market have seen lender turnaround times spike to over 27 days in 3QFY21, AFG said.
The Australian Finance Group (AFG) Index for April 2021 revealed that lender turnaround times surged to 27.1 days in the third quarter of the 2021 financial year (3QFY21) from 25.2 days in 2QFY21.
According to the aggregator CEO, David Bailey, “This is the highest [turnaround times] have been at any point over the last three years.”
AFG’s figures have followed the reporting of turnaround times by the major banks at Parliamentary  hearings last week, with the Commonwealth Bank of Australia (CBA), Westpac, National Australia Bank (NAB) and ANZ acknowledging turnaround time disparity between the direct lender channel and the broker channel.

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