First home buyers overwhelming banks

Some first homebuyers are missing settlement dates because banks are being swamped by home loan applications and taking over a month to process paperwork. St George has hired additional staff to cope.

The Commonwealth has also taken on extra staff in its mortgage processing division. About half of all applications received by the bank for the first-home buyers grant in NSW and 90 per cent in Queensland required “a rework” because of insufficient or incorrect information provided on the forms, adding to delays.

First-home buyers have until June 30 to qualify for the increased first-home owners grant, worth up to $24,000 in NSW for a new home and $14,000 for an established one.

Source: Sydney Morning Herald