Brokers and banks overwhelmed as Australians rush for a mortgage
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The nation’s banks are struggling to process an unprecedented number of new mortgages as over-excited buyers snap up high-priced homes at Saturday auctions before they have locked in the funding to close the deal.
ANZ chief executive Shayne Elliott revealed his bank had wound back home loan marketing because demand was so strong while mortgage brokers said they were flat out with some customers, successful at an auction, facing a Monday-morning dash to secure a loan.