Property Investment
1 min read
One of the most common questions investors ask is: “How do I know which mortgage adviser to use?”
After all, mortgage advisers are all a bit same-y. They all say they can help you get a mortgage approved …and most of the time they don’t cost anything.
So how do you know which mortgage adviser to use?
Here at Opes Mortgages we don’t believe in just telling you we’re good advisers, we want to show you.
That’s why we regularly track customer data that borrowers care most about.
One of those metrics is whether we are getting mortgages approved fast enough, and that’s what you’ll learn about in this article.
Revealed: Are we getting mortgages approved fast enough?
We want to be the most transparent mortgage advisers in the country.
That’s why we show you how we perform: when the data is good ... and when we’ve got work to do.
Here is the live data onif we are meeting our Key Performance Indicators (KPIs).
🟢 means meeting the target. 🟠 means we are close. 🔴 means we've got work to do.
Time to get a mortgage approved
Live Data
Are we getting mortgages approved fast enough
How long will it take to get my mortgage approved?
We aim for mortgages to get approved within 15 working days. That’s from the point we submit a mortgage application to the bank, through to the point where it gets approved.
Most of that time is the banks taking the time to review your application and come to a decision. So if banks are slow (or have a lot of work on) then that timeframe can blow out.
But, we still track the time to get a mortgage approval because that can indicate whether we’re doing our job properly or not.
For instance, if we put together complete mortgage applications (with all the information), then we should meet our 15 working day target.
But if we’re putting together shoddy applications that don’t have all the information, then that timeframe can blow out.
Over the last 4 weeks the median application took 14 days to get approved. That’s from the date we submitted the application through to when it got approved.
That is 1 day faster than our target.
Ed McKnight
Resident Economist, with a GradDipEcon and over five years at Opes Partners, is a trusted contributor to NZ Property Investor, Informed Investor, Stuff, Business Desk, and OneRoof.
Ed, our Resident Economist, is equipped with a GradDipEcon, a GradCertStratMgmt, BMus, and over five years of experience as Opes Partners' economist. His expertise in economics has led him to contribute articles to reputable publications like NZ Property Investor, Informed Investor, OneRoof, Stuff, and Business Desk. You might have also seen him share his insights on television programs such as The Project and Breakfast.
Ok, now for the legal bit:
This article is for your general information. It’s not financial advice. See here for details about our Financial Advice Provider Disclosure. So Opes isn’t telling you what to do with your own money.
We’ve made every effort to make sure the information is accurate. But we occasionally get the odd fact wrong. Make sure you do your own research or talk to a financial adviser before making any investment decisions.
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