Mr. John O'Beirne:

The Senator has asked two questions. First, how long does it take to be approved for a mortgage. Second, how is the changing nature of work, in terms of contracts etc., taken into account.

As for the speed in getting a mortgage, typically, the time it takes from applying to drawing down a mortgage depends on how quickly the property sells. Applying for a mortgage and getting approval tends to be a relatively quick process once the bank has sight of all of the documentation that is required to make a decision. Typically, if there is an urgency on the part of the customer or if there is a specific reason that he or she has a time constraint, we will seek to turn the decision around within 24 hours. If approval is not time-sensitive, then normally it takes three to five days. In some cases, it can take a little bit longer but that depends on the circumstances such as a requirement to provide follow-up information.

On the Senator's second question on the changing nature of work and contracts, the bank is mindful of the situation. We try to look past whether somebody is in traditional long-term employment or whether they are on a 12-month or 24-month work contract. Typically, we look through the individual or person's sphere of expertise - let us say he or she is an engineer or teacher - and we think this person is very likely to be able to continue to find employment in that space and the salary looks like it is within the normal parameters that we would expect. That will not count against the individual in terms of the bank arriving at an approval for the mortgage application.