Browse Forums Building A New House 1 Apr 03, 2009 2:51 pm Hi All, We are using broker for loan for CBA. We had forwarded all the relevant information and contract more than 4 weeks ago. Our broker has been saying that he is on it ... following up everyday with CBA etc etc. We have had to take 2 extensions on our deposit with the developer and we are so not happy! The broker is saying that CBA is snowed under currently ... however our friends got CBA approval in 2 weeks. Not sure what to do ! Any advise or experiences of ppl dealing with CBA currently ? Should we change broker / bank / just wait and pray ? (and yes we did have preapproval) Land Settled 27/04/09. Site Started 30/4/09. Slab poured 21/5/09. Frame up 27/5/09. Building thread : viewtopic.php?f=31&t=15699 Re: CBA ... unconditional approval .. How long does it take? 2Apr 03, 2009 2:55 pm Hi Jessica, I am hearing that CBA are taking about 6 weeks and their valuers are being very conservative. Your broker will have CBA coming up on their computer as No.1 based on rate but if I were you I would ask them to look to no2 and no3 to get quicker turnaround - rates would prob only be marginally higher. Re: CBA ... unconditional approval .. How long does it take? 3Apr 03, 2009 3:07 pm hello, Having known that banks and other financial institutions are slow in processing loans now, is it wise to apply for finance to two or more financial institution? Cheers, Re: CBA ... unconditional approval .. How long does it take? 4Apr 03, 2009 3:13 pm Howdy, We are with the CBA and it took at least 4 weeks before ours came through and we also had to apply for extentions to our finance deadline. Apparently CBA are really behind as they are the most poplular one at the moment. Re: CBA ... unconditional approval .. How long does it take? 5Apr 03, 2009 3:39 pm the mont : Thanks ... will meet my broker tommorrow to look at options. Hate to start at zero again. We are ok with a variation in valuation for about 5k ... beyond that is gonna hurt ! Playhouse : I should have done that earlier willow04 : thanks for the assuarance ...fingers crossed. I am not letting my mobile out of sight ... (or shud it be out of hearing ??) Land Settled 27/04/09. Site Started 30/4/09. Slab poured 21/5/09. Frame up 27/5/09. Building thread : viewtopic.php?f=31&t=15699 Re: CBA ... unconditional approval .. How long does it take? 6Apr 03, 2009 3:45 pm hmm well I sent in my contract to be valued last wednesday 25th - and received approval (verbal from lender CBA) this wednesday - so only took one week. Haven't received confirmation in the mail yet though. Although we aren't dealing with a broker - directly with the bank - not sure if that makes a time difference? Re: CBA ... unconditional approval .. How long does it take? 7Apr 03, 2009 3:49 pm 6 weeks, 4 extensions from developer and still not got the rubber stamp (CBA) we're told most likely monday, which is great since our FINAL extension runs out today (friday) very very unimpressed Re: CBA ... unconditional approval .. How long does it take? 8Apr 03, 2009 4:28 pm 6 weeks is ridiculous. Ring the bank's Customer Relations department - just call 13 2221 and ask for customer relations so that you can lodge a complaint - they'll put you through, pronto. It's unacceptable customer service, no matter how busy they are. If you get the run-around from them (unlikely) make sure you mention the workds "banking ombudsman" very loudly. It's like a magic password.... DO NOT be afraid to actually ring the ombudsman's office and have a whinge. That's what he's there for. And the banks need a good rocket up them now and then. Just make sure that your broker hasn't actually caused the delay or you could end up with egg on your face. Re: CBA ... unconditional approval .. How long does it take? 9Apr 03, 2009 4:30 pm Hey! What's going on? Why isn't this thread in Home Finance? Re: CBA ... unconditional approval .. How long does it take? 10Apr 03, 2009 4:36 pm the mont Hi Jessica, I am hearing that CBA are taking about 6 weeks and their valuers are being very conservative. Your broker will have CBA coming up on their computer as No.1 based on rate but if I were you I would ask them to look to no2 and no3 to get quicker turnaround - rates would prob only be marginally higher. No 2 or No 3 are not any better, No 5, 6 is probably the worst. Believe me! If you want quick service right now, you need to go with regional banks, building societies and other non bank lenders. Just answering the OP, CBA did clear the backlog but if you have made any changes to your loan (loan type, deposit amount etc), rejoining the queue will cost you a lot of time. Re: CBA ... unconditional approval .. How long does it take? 12Apr 03, 2009 4:53 pm the mont wow - I can only guess then that CBA pay great comms to the brokers...? didnt think jessica even mentioned who 2 and 3 were I don't think anyone here was talking about commissions. And you don't need to mention which lender each number is, it was a metaphor. BTW your guess about CBA comms is not correct either. Re: CBA ... unconditional approval .. How long does it take? 14Apr 03, 2009 5:19 pm None taken, the mont. There is a whole list of threads in HOME FINANCE at the moment about CBA. But I can say with authority that CBA is not the slowest lender. There are more than a few lenders that are way slower. Re: CBA ... unconditional approval .. How long does it take? 15Apr 03, 2009 5:35 pm the mont It does amaze me though that people persist with CBA even with their long approval times. If 6 weeks is the standard, customers obviously expect abysmal service and just don't complain. Not me, I'm big on complaining. The staff at my bank run and hide when they see me coming.* Very satisfying..... Don't get the wrong impression, I'm not a whinger. I just expect the same service that I'd give - and I used to manage one of their branches, so I know what should be the norm. When things go well, I smile, say please and thank you and I'm very pleasant to deal with. When things go pear-shaped, I go in, guns drawn, and I take no prisoners. If more people did that, the service standards would improve amazingly. *Slight exaggeration. But only slight. Re: CBA ... unconditional approval .. How long does it take? 16Apr 03, 2009 5:49 pm Wow CBA six weeks, ANZ it only took 5 working days - less than a week. Re: CBA ... unconditional approval .. How long does it take? 17Apr 03, 2009 6:48 pm Yeah, and ANZ don't steal your money like Conyourwealth Bank. Re: CBA ... unconditional approval .. How long does it take? 18Apr 03, 2009 8:09 pm With our land we had conditional approval within 2 weeks with CBA, construction loan will proberly take the same amount of time. Building Thread viewtopic.php?f=31&t=13002 Site start: 8th July 2009 Handover: 11/12/2009! 5 months total build time. 40 sqs of luxuary...Bliss! Re: CBA ... unconditional approval .. How long does it take? 19Apr 03, 2009 8:18 pm We received unconditional approval from CBA very quickly - within a week - but I have heard that if you go through CBA with a broker, that you actually go through Colonial. Not sure if this makes a difference, but thought I might put it out there in CBA's defence. They've been great to us! Re: CBA ... unconditional approval .. How long does it take? 20Apr 03, 2009 8:18 pm Our finance has been with Westpac for 5 days so far, fingers crossed we get it back before Easter! Hi Mofflepop, I would recommend finding a building designer to prepare plans, they should design to your specified budget. The benefit is you can tender the project out… 9 20413 1 2988 Hi Minho I have heaps of experience in Ku-ring-gai with both DAs and CDC ( this is the main area we build in). DA's are taking 12-18months and CDC's we have been doing… 1 3162 |