48-hour loan application or $500 in your pocket

Jennifer DukeDecember 7, 2020

For investors and property buyers needing a quick response from their bank, a new initiative is offering $500 in the customer’s pocket if the initial credit assessment isn’t returned within 48 hours.

Head of intermediaries for Suncorp Bank, Steven Heavey, said that the Suncorp service guarantee will assist brokers to give confidence to customers.

Initial credit decisions being returned within 48 hours has been occurring for over 12 months, he said.

“We encourage brokers who have not used us to give us an opportunity to experience quick and consistent turnaround times,” said Heavey.

Initial credit assessment is an application review that results in the file being approved, approved subject to conditions, approved subject to valuation, pre-approved or declined.

The service guarantee applies to broker-introduced, electronically-lodged applications.

Some applications will be excluded from this guarantee, including those that are manually lodged, those with missing information and those referred to a higher credit authority for further assessment.

Jennifer Duke

Jennifer Duke was a property writer at Property Observer

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