The introduction of new CCCFA regulations on the 1st of December led the major Banks to take a very prescriptive view which has led to a partial paralysis of home lending.
A recent example. Top 4 Bank.
Existing 30 year customer. 50% equity. $75k top up request. Sufficient income (verified) to service the loan request.
Time to begin looking at the submitted application for finance = 3 weeks
Time to approve the application = 1 week
Time to approve customer requested loan structure = 4 weeks
Time from initial finance submission to completion (funds available to Customer) = 3 months.