ASB criticised over Covid-19 processing
ASB has drawn criticism for its handling of Covid-19 mortgage requests, after asking customers to go direct rather than through their adviser.
Monday, April 6th 2020, 9:28AM 
2 Comments
ASB has told customers in need of payment holidays and other alterations to their mortgages to get in direct contact, effectively "freezing brokers out" of the process.
One adviser told TMM Online that ASB was "not letting us deal with the client". The adviser added: "We can't collect information about what the bank wants, about the type of payment holiday the client wants, or the changes they may need."
The adviser said ASB had taken a different approach to its big four rivals.
"BNZ, Westpac, ANZ, are letting us complete diary notes and discuss options, and that is what they want us to do. Those banks are getting in touch with the client to confirm they have spoken to us, and then loading it up to their systems."
Another broker also raised concerns about ASB's methods.
"They are completely freezing brokers out, and this is not what our clients want."
TMM has asked ASB for comment.
Brokers hope ASB will fall in line with NZ's other banks in the coming weeks. One broker believes ASB is "considering other options" for processing Covid-19 related requests, after listening to advisers' complaints.
| « Payment holidays won't affect credit scores | ASB reviews Covid-19 process » |
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Comments from our readers
I strongly believe that in times like this the trail SHOULD continue so we can continue to do what is best for the clients and get remunerated for it.
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