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According to the latest Broker Pulse survey by Agile Market Intelligence, the mutual bank took an average of 20 days to reach an initial credit decision, up from 14 days in January and more than double the turnaround time of any other lender surveyed.
The report, which surveyed 331 brokers between 1 and 16 March on their experiences in February, found that average turnaround times for small banks increased to an average of seven days, up from 5.8 days in January.
Among non-major banks, Teachers Mutual Bank was the next slowest, with an average turnaround time of eight days, while Ubank was the fastest at four days.
For major banks, the average turnaround time in January was 3.6 days, compared to 5.7 days for non-bank lenders. Macquarie was the fastest major bank at one day, while AFG Home Loans was the fastest non-bank at four days.
A spokesperson for Newcastle Permanent attributed the increase in turnaround times to a spike in lending volumes.
“February saw a substantial increase in lending volumes, approvals and growth across both broker and proprietary channels, reflecting strong customer demand,” the spokesperson said.
“This has been driven by a combination of factors, including record application volumes, increased first home buyer activity following the scheme uplift from 1 October, highly competitive rates, and stronger-than-usual interest in fixed-rate products ahead of potential cash rate changes. We are working hard to reduce approval time frames for our customers.”
Turnaround times at the bank have been on the slower end for some time, with the Broker Pulse survey previously ranking Newcastle Permanent as the slowest non-major lender in both December 2025 and June 2024.
Mergers and proprietary growth
Newcastle Permanent is among the mutuals to have completed a merger in recent years. In March 2023, Greater Bank and Newcastle Permanent merged to form Newcastle Greater Mutual Group (NGM Group).
The group has adopted a multibrand strategy, with both Greater Bank and Newcastle Permanent continuing to operate as separate brands under the merged entity.
Following the merger, Newcastle Permanent moved to expand its direct customer base through the launch of a new digital home loan product.
[Related: Mergers remain on agenda for mutual banks]
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