Building A New House
Re: HELP!!! NEED URGENT ADVICE ON LOAN EXTENSION21
May 31, 2010 12:06 pm
we went through a similar ride when we applied for our loan. At first the process was go through our builders broker (MC) who started applying for loans everywhere asking us to keep signing papers for him to apply for the loan, giving him all these papers about income etc. until we finally had enough. The only benefit the broker was giving us was that we could pay $1500 of the initial deposit instead of the 5%. Which made no difference as we'd have to pay the 5% eventually anyway.
My brother got me in touch with a lending manager at CBA who was fantastic. She met us after 6 and within the hour we had pre-approval with everything we needed clearly lined out and how everything would work. We told our broker that we went directly to the bank and he said he could do the same thing and we gave him the flick so we could deal directly with the bank.
All you have to do, if you haven't signed any contracts with your broker is, send them a friendly e-mail releasing them of their services.
Building the PD Lisbon 24
Blog of our progress.
Homeone build thread
Re: HELP!!! NEED URGENT ADVICE ON LOAN EXTENSION22
May 31, 2010 1:56 pm
I have just gone through a house purchase and therefore the associated finance etc merrygoround. After dealing with a broker and having to re submit payslips for a 3rd time < because the banks end was taking so long> my patience evaporated. On the recomendation of a friend i met with an anz bank manager directly. The whole process from go to whoa took the sum total of 3 hrs actual time spread over 10 days. 1 hour of this was driving to and from the bank.On my initial meeting i walked out of the bank with a cerificate stating i had pre aproval for the required amount. Ten days later i got a phone call saying i had full aproval ,he had been in touch with my solicitor and the contracts would be ready for signing soon after. Absolutely PAINLESS
I cannot understand the prevalence of mortgage brokers when the aforementioned level of service can be attained dealing directly with the bank. I got caught up in the whole broker thing without even questioning it. My position would be if you need milk go to the milk bar. If you want it to be off get a broker to deal for you
That's amazing. I keep reading the same thing over and over about how people got stuffed around with their brokers and then when they went direct to the bank it was a simple easy process! But I feel stuck with our broker now. I feel like we're almost there and to change things now could be more trouble... I don't know??? But thank you very much for your feedback, much appreciated.
Re: HELP!!! NEED URGENT ADVICE ON LOAN EXTENSION23
May 31, 2010 7:30 pm
No worries. wouldnt hurt just to see the bank and if it looks like working out as described <cant see why not > maybe speak to conveyancer about what you can do with regards your broker. My simple thought would be if you haven't signed anything your free to go to whomever you desire. I understand getting caught up with a broker and going down that path. Its very easy when its something we dont do everyday
Re: HELP!!! NEED URGENT ADVICE ON LOAN EXTENSION24
May 31, 2010 9:25 pm
I should probably tell my story, a little different....
I go to my broker originally, and we're declined, but he's still trying... we only have about 1 week left before our deposit on the land expires.
I loose faith. I go to my families lawyer who promises he can get it sorted, no problem, as he knows a loan manager at the CBA.
After 5 days I call him, he says, hey, be patient, takes time, etc...
After I bother him a bit, he gets an extension on the land.
A few days later I call him, he says he'll speak to his CBA guy tomorrow. Thing is with this guy, you'd talk to him and he would talk about EVERYTHING except what you were asking him for. He'd talk about his weekend, his wife, blah blah blah.
On and on. About a month after I first contacted him, he blames the land guys saying they're b*stards as they would'nt grant a second extension. He has'nt got any kind of response from CBA yet. He's got all the details of me and my parents finances.
Eventually after I keep calling, he says he spoke to his CBA guy who says we won't get a loan UNLESS MY PARENTS REFINANCE THEIR OWN MORTGAGE - at a HIGHER RATE!!! hahahaha!! ie - the lawyer and CBA guy get win win win and me and my parents get screwed. I say yeah, no thanks, and he starts acting all mad.
I go back to my original broker. He continues on with what he was going to do, and within a few weeks I have preapproval, new land, and not much later full approval, and to this day he's still helping me, even though he's already got his commission. Needless to say, my family won't be using that lawyer ever again. He even charged me $500 for the privilage of being screwed around. Not happy.
Very very satisfied with my broker... though I'm certain there are bad brokers out there, my broker is a freakin legend to me.
Note: Though I must say, a friend of mine at work had a bad experience with a broker, and they knew someone who knew someone at CBA, and they were fixed up quick smart. So I think it really all depends!!!
Built a Búrbank Géneration 2200 in Devonia Park
Re: HELP!!! NEED URGENT ADVICE ON LOAN EXTENSION25
May 31, 2010 9:29 pm
Fraggie-glad that it turned out well for you....but you could ( and probably should) have spoken to the bank yourself. The CBA manager would need all your details to provide a full and frank assessment-and may I be cynical and point out that you have only the word of a *ahem* lawyer? As I said though-your end result has you satisfied and that's all that matters!
Re: HELP!!! NEED URGENT ADVICE ON LOAN EXTENSION26
May 31, 2010 9:37 pm
yep, the lawyer was an ***
On the CBA's not so great side I must say though, I did think of speaking to the CBA myself. I called the number on the website. They asked, impolitely (I was at work at the time), a few questions about my income and savings (ie not much at that time anyway), and instantly said, oh, you won't get a loan, fairly rudely, and that was it, goodbye... ! ie - the CBA 'broker' knew it was'nt an easy job, so would'nt take it... :/ I called back and left her a message asking her what it would take, ie, savings, to get one, and call was never returned.. Bleh to them!
But yes, I'm VERY happy with how it all worked out!!!! We really could'nt believe it, after the nightmare, it seemed at so many points we'd never get it.
Built a Búrbank Géneration 2200 in Devonia Park
Re: HELP!!! NEED URGENT ADVICE ON LOAN EXTENSION27
May 31, 2010 9:39 pm
Yet another example of people not doing their jobs properly-my soapbox topic ofthe day!
Re: HELP!!! NEED URGENT ADVICE ON LOAN EXTENSION28
Jun 01, 2010 1:35 am
:roll: Yet another example of people not doing their jobs properly-my soapbox topic ofthe day!
I don't know how many times I have made that complaint in the last few months, just from dealing with Brokers, Solicitors, Real Estate Agents, Conveyancers, Sales people, etc, etc, etc. I don't know how half of them can sleep at night knowing that (a) they're not doing their job to standard, and (b) risking other peoples' futures and finances at the same time. It's sickening.
So many times throughout the initial process of getting our loan approved (which ended up taking 3 months!) I knew that the mistakes being made were simply due to people not doing their jobs as they should. It's disgusting. Never in all my time in different Sales/Customer Service/PA/Logistics/Manager roles have I had to work with such unprofessional incompetent people.
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