CBA Formal Approval & Valuations

Hi Guys,

Just wondering if anyone knows how long the CBA are taking for valuations & formal approvals at the moment as they have had my contacts for over 2 weeks now, and my finance was surposed to be in place by today for the land contact.
Any experiences would be great
Thanks

i had pre-approval for my house build through CBA

it took then 10 business days to ask for the valuation, which in turn is apparently supposed to be here tomorrow which is another 3 days from then, so 13 business days for me

im going through mortgage choice and he's been on their case from day 1 for me, with our land valuation they forgot to order the valuation and we had to chase to get them to do it so keep on them to give you some progress updates

The pre approval on the spot.
the valuation and the unconditional approval took about 4 working days i guess.

If you did your application online i think you are way better off just walking into a CBA branch; if you are using a broker call the bank and check if he has submitted your details.

valuation's are out to 9 days at the moment according to my broker, and my experience with pressure applied over the last couple of weeks is that they arent reaching this

Yup, l've been told similar. We are sending our plans/contracts to the Bank tomorrow. Mortgage Broker has advised that we won't get formal approval for at least 10 business days.

Is that what people are experiencing with banks other than CBA as well??

I sign my contracts (hopefully) in just over 2 weeks and then only have 3 weeks to get things approved by Westpac.

Thanks for the replys,

I'm doing it all through DFH h&l package and finance, even using there broker who I will call today to see where it's at.
I'm just a bit worried about going over the deadlines in the contract for the land and for the building contract which I signed almost 30 days ago.

lisanne our broker said CBA were keeping up a lot better than the other lenders at the moment..

talking to our broker today they are atleast 7days behind at the moment. We started the process on the 19th Feb and aparently the file was received by the credit department on the 27th so it is 7 days from there. This is with the CBA. I feel that straight to the bank it would be quicker.

the timing depends on a few things.

firstly, if the bank is offering one of the better products in the market, their lead time will be longer due to increased demand for their product.

secondly, if you're wanting a home loan at >80% LVR, it takes extra time to get put through the insurer.

thirdly, if you go through a broker it can take an extra 1-2 days. so really going through a broker or direct doesn't make all that difference when it comes to unconditional approvals.

i know when i went through ANZ for my land loan, it was when they were the best product on the market for a few weeks and the lead time was 11 working days before they would even look at the application. i was told that at the exact same time, cba's product wasn't so much in demand and their lead time was 2 working days (this is back in november)

what you can do when it comes to making land settlement on time is get your broker to ask their bank contact to escalate your file due to pending settlement on x date and they will normally be willing to make concessions for people who are in that position if asked nicely.

People still use ANZ?

(sorry bad history with them, which stems to quite a few other people of late as well, going down hill)

I think the NAB will soon join them!! bad experience recently

if only we could live without them, i think its ridiculous the way they can charge what they like when they like, this atm transaction debarcle is a perfect example, its just another license to print money, why do the government let them keep doing this over and over again, when is the consumer going to get looked after for once?

I have heard second hand news that applications submitted through the branch network are approved unconditionally much faster but of course it would be near impossible to verify this.

If that is true, it's probably due to the fact that branch channel support team are not as busy with about 60% of new loans being written by brokers.

All I can say about a recent experience is that an already conditionally approved loan sat in waiting 7 business days (from the time exchanged contract was emailed to them) before it went to credit with the Contract of Sale, that's despite me calling every day asking for an escalation. I have to give the staff credit for unconditionally approving and issuing loan documents within 4 hours of valuation report being sent back to the bank, though.

7 business days of waiting, half a day in credit, 2 business days for valuation and half a day for the rest. That is one bizarre processing stat. In the end they did meet the 10 day cooling off deadline but I am not happy about the time I spent trying to make it happen. I could have assisted 3 customers using another lender in the same time frame. CBA is popular with brokers, what more can I say?

I tried not to, St George stuffed up our contract at the last hurdle (broker is to blame for not checking the total figure on the approval before the contract was issued) so we had to go with the ANZ contract we really didn't want. This was due to having to settle in the next couple of days.

Luckily ANZ are honoring their previous terms and conditions for those who have a land loan but not yet constructing, so we don't get hit with the 90% LVR and no LMI capitalisation conditions which came out a couple of months back. That's about the only good thing they have done.

We are signing our contracts with CBA this week. I think it took about 10 days?

It took at friggin AGES with CBA, Mortagage broker recommended them cause they had a quick turn around, but we put our stuff in 31/01 and have only just today got unconditional approval. He says they've blown out to around 20 days now with the influx of first home buyers...

yep i still dont have mine, we dropped our contract into our broker on the 16th of Feb and are still not across the line, they have apparently sent out the paperwork for us to sign, but the valuation still isnt complete...

for all the f'ing money these aholes take from us, the least they could do would be give us quick service, and use the money to give a few more people jobs

banks suck, its a shame we dont have a really good choice like we now do with ISP's....

Fail

20 days!! We gave all our paperwork to our mortgage broker today, so he'll send them off tomorrow (after he takes 2hrs and uses a ream of paper to photocopy everything, lol). I queried the time frame again....all he said was "at least 10 business days, but do not be surprised it's longer".

So it seems that that will now be the case, I was hoping for the site start early April...dang!

We got verbal conditional approval on the 20th of feb and only recieved the written approval today it is just subject to us providing the building contract when we get to that point and it not being anymore than we have asked for! This was due to the fact that our land was valued last year for the land loan!