Long wait for Westpac loans

Mortgage applications to Westpac have been taking as long as six weeks to process, because the bank's lending criteria has not been tightened as much as other banks.

Westpac is willing to lend at higher loan to valuation ratios (of up to 97%) on full doc loans and continues to offer low doc loans at LVRs of up to 82% (including with business activity statements). The bank is also prepared to waive the requirement for genuine savings. Mortgage application numbers reached "record highs" over summer.