Customer satisfaction dampened by home loans faults

The quality of mortgage applications being received from some brokers is below an acceptable standard, in news that may interest those looking for low interest home loans.

According to National Australia Bank (NAB), some 70 to 75 per cent of applications have to be re-worked.

Head of broker services Amanda Rockliff at NAB explained the emerging trend in comments made at the LIXI conference in Sydney last week, the Sheet reports.

Also reflecting on the issue, Commonwealth Bank general manager of mortgage wealth retail banking services James Sheffield explained that there are repercussions for those taking out home loans.

"There is cost in this and there is an issue of customer satisfaction," he remarked.

Ms Rockliff said the goal of the NAB is to have a one-touch process, which provides all the supporting documentation in a coherent package.

In related news, speculation of a potential home loans price war abounded last week when BankWest revealed its new capped mortgage product.

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