10 Minute home loan approvals on the cards

One of the possibilities of open banking includes the ability for borrowers to get pre-approval for a home loan in 10 minutes and to make instant low-cost payments.

Anything over 24 hours after all documents are provided means a lender is slow. 

While this is happening around the world, New Zealand is years behind and it is hurting productivity, Andrew Bayly, Commerce and Consumer Affairs Minister says.

Why is it not happening in New Zealand? Bayly told mortgage and financial advisers at the Financial Services Council Outlook 25 breakfast, it is because New Zealand does not have the right framework.
“It is a major driver for me. We're going to open up banking and bring in competition.”