Yes – it’s important, but a recent survey about banks’ performance received responses from over 600 Finance Brokers. Of the eleven categories, the most important was turnaround times. Credit policy was #4, interest rates #5, and commission structure #8.
I concur about the relative importance, because I’ve shared my clients’ frustration about slow turnaround times and inconsistent credit policy. My advice and recommendations now include not only an analysis of the current rates, but also emphasis on which lenders are most likely to approve our application quickly.
Brokers rated NAB/Homeside as the Bank of the Year and Westpac’s Rocket Repay as the Product of the Year.