Agreed, it was much the same experience for me (also from NZ). I think I was informed about it late September, and heard from IIE not much more than a fortnight after that. I applied to a few universities as well as having IIE apply to 4 - I've heard back from most of them now (mixed results, as expected). The woman from IIE was quite helpful in recommending places based on funding options - a number of universities give tuition waivers to Fulbright grantees. The cost of tuition is obscene and hence I have no possible way of self-funding an MSc, so she advised me on which would be more likely to grant waivers (as an alternative to an RA/TA). As I've found, it doesn't help to get into a university if they don't tend to give research assistantship positions to Master's students in their first year.
I find it bizarre how the process seems so different elsewhere...