Advisers and brokers claim the bank has "frozen" them out of the process
ASB Bank has received criticism from brokers and advisers over the processing of its COVID-19 mortgage requests.
ASB told customers who need payment holidays and other mortgage changes to contact the bank directly rather than communicating with their brokers or advisers. As a result, brokers and advisers have been calling out the bank for “freezing” them out of the process.
One adviser claimed that ASB took a different approach to its rival banks by “not letting us deal with the client.”
“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 explained, as reported by Good Returns.
A broker added: “They are completely freezing brokers out, and this is not what our clients want.”
ASB has yet to release a statement to address the criticisms.
Read more: HSBC slashes mortgage rates
Aside from mortgage holidays, ASB offers various personal and business supports for customers impacted by the pandemic.
The bank introduced access to emergency funds via a 90-day temporary overdraft facility with a 2.95% pa reduced rate and waived establishment fee. Up to $5,000 is available for home loan customers, while personal customers can access up to $1,000. The bank also increased resourcing and maintains its 24/7 support and banking services to continue supporting customers impacted by the pandemic.
Meanwhile, business customers may access emergency funds via the bank’s 180-day temporary overdraft facility of up to $200,000, business working capital of up to $200,000, and term investment funds in case of hardship.
