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Jessica Darnbrough
Bankwest has thrown down the gauntlet to the majors, launching several initiatives that are set to cut the lender’s turnaround times in half.
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The new approach includes implementing a more automated application process by making improvements to credit policies and current processes such as electronically mailing the necessary supporting documents.
In line with credit policy improvements and reduction in turnaround time, the bank has announced a review of their income validation policy.
Effective from today, Bankwest will require only one acceptable electronic Year to Date (YTD) income payslip verifying base income no more than 45 days from the application date that covers at least two pay cycles.
Bankwest head of specialist banking, Ian Rakhit said that a number of the implemented initiatives have come as a result of in-depth discussions with key brokers.
“We have listened to our brokers’ feedback and see this updated income policy as a significant improvement in reducing the number of deals that are delayed as a result of further information being required,” Mr Rakhit said.
“This policy change could take one or even two days out of the time taken to reach unconditional approval as well as reduce paperwork and the time brokers spend chasing customers for supplementary documentation.”
“It is important to note that if an income level above the base income is required to service the proposed debt then additional supporting documents, such as a letter from the respective employer detailing written evidence of the commission or retainer, are required with conditions of a minimum twelve months with current employer,” Mr Rakhit said.
Existing customers will also benefit from this policy change as the bank will now accept three months of Bankwest transaction account statements showing salary credits should the customer wish to refinance.
“Bankwest remains committed to improving business efficiencies for both brokers and customers. In addition to the current initiatives we are excited to introduce later this year Delegated Underwriting Authority (DUA) and a customised broker checklist which will also significantly reduce turnaround times by simplifying processes and ultimately deliver a happier banking experience for our customers.”
