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Record number of home loan applications and panic buying puts pressure on banks
31 Jan, 2021 02:02 AM
6 minutes to read
Banks have been flooded with a record number of loan applications. Photo / Getty Images
Some buyers desperate to get on the property ladder are offering $20,000 to $30,000 more than the asking price and a record jump in loan applications has caused bottlenecks with the banks. Mortgage brokers say delays in getting loans processed was frustrating and the boom shows no sign of abating .
But many of the major banks told NZME despite the increase in applications - which in one case were up 7 per cent in the past six months compared to the same time last year - more staff had been deployed to speed up the process.