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NAB buckles under mortgage overload

01/03/2010

National Australia Bank’s mortgage processing centre is running at full capacity as it tries to deal with the increased demand for its variable rate loans.

Brokers have been warned by their chain managers that they should avoid NAB for urgent mortgage applications. AFG relationship manager sent a memo to AFG mortgage brokers last week advising: “we are receiving quite a number of escalations from brokers who are having issues with NAB, and we are not having many good results.”

AFG has advised its brokers to turn to ANZ or St George because of processing delays at NAB. NAB markets broker loan under the Homeside brand which is currently offering variable rates as low as 6.02 per cent.

Source: Herald Sun



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