Browse Forums Home Finance 1 Apr 22, 2009 9:30 pm I'm really curious to find out what a normal standard turn around time is for a home loan once all the paperwork as been submitted? I was originally told 2 weeks would be plenty of time and I'm now in week 5 and was just curious (and very frustrated) 'A bottle of wine contains more philosophy than all the books in the world.' Louis Pasteur Vegie garden: viewtopic.php?f=19&t=27637&start=0 My Backyard Adventure Re: Standard loan turnb around time? 2Apr 22, 2009 9:42 pm lisanne I'm really curious to find out what a normal standard turn around time is for a home loan once all the paperwork as been submitted? I was originally told 2 weeks would be plenty of time and I'm now in week 5 and was just curious (and very frustrated) I heard from various mortgage brokers that some banks are not looking at home loan approval at least 4 weeks after submission, ie there is a backlog of about 4 weeks, probably due to the FHOG. Cheers Re: Standard loan turn around time? 3Apr 23, 2009 4:54 pm we put our application in on the 18th Feb, 4 weeks later received conditional approval and another 4 weeks received unconditional approval. Originally we were told 2-3 weeks for it to be all done and dusted but we all know what the banks are like. Everytime the CBA changed the policy I shat myself thinking it might affect us..but it didn't http://buildingatfreeling.blogspot.com/ Building at Freeling Estate Adelaide MKII WE ARE NOW OFFICIALLY FIRST HOME OWNERS AND WE BUILT A NEW HOME FROM SCRATCH Re: Standard loan turn around time? 4Apr 23, 2009 5:45 pm So with Westpac mine has officially taken 4.5 weeks when I was originally told 2 weeks would be fine 'A bottle of wine contains more philosophy than all the books in the world.' Louis Pasteur Vegie garden: viewtopic.php?f=19&t=27637&start=0 My Backyard Adventure Re: Standard loan turn around time? 5Apr 23, 2009 9:24 pm Our application with St George has taken 7 weeks (32 business days) and we are still waiting. They quoted 10-12 business days when we submitted our application. Outright lie. Every time the rules change they re-assess, our Aussie broker is worse than useless. Tip# 1: Ask your broker how long they have been doing this for. I think our broker is still on his first day. Re: Standard loan turn around time? 6Apr 23, 2009 9:50 pm Zodie Our application with St George has taken 7 weeks (32 business days) and we are still waiting. They quoted 10-12 business days when we submitted our application. Outright lie. Every time the rules change they re-assess, our Aussie broker is worse than useless. Tip# 1: Ask your broker how long they have been doing this for. I think our broker is still on his first day. Yikes! i'd be speaking to a manager and getting it escalated! 'A bottle of wine contains more philosophy than all the books in the world.' Louis Pasteur Vegie garden: viewtopic.php?f=19&t=27637&start=0 My Backyard Adventure Re: Standard loan turn around time? 7Apr 23, 2009 10:16 pm Starting to feel good about going with the IMB. Took 2 days for conditional approval. Then after we decided what we were doing (originally going to build but then a 3yo house 500m from where we were going to build and same design and variations came on to market so we decided to buy rather then build. Saved us about $60k) 2 days after offer accepted we had unconditional approval. We could not be happier as we had been watching the forums and thought it could be a drawn out process. west sydney home loans 8Apr 24, 2009 12:08 am lisanne I'm really curious to find out what a normal standard turn around time is for a home loan once all the paperwork as been submitted? I was originally told 2 weeks would be plenty of time and I'm now in week 5 and was just curious (and very frustrated) lisanne, ever since the beginning of the year, there is no such thing as standard. Your broker/lending manager shold be your guide (but you've noted many times that wasn't happenning). Any lender that does not accept applications from brokers are rather quiet so they can process them in the previously accepted norm of 1 week for unconditional. So are the branch networks of some banks, branch lending staff have actually been seconded to assist with broker originated home loan applications as apparently they have some free time. Re: Standard loan turn around time? 9Apr 24, 2009 9:47 pm Zodie Our application with St George has taken 7 weeks (32 business days) and we are still waiting. They quoted 10-12 business days when we submitted our application. Outright lie. Every time the rules change they re-assess, our Aussie broker is worse than useless. Tip# 1: Ask your broker how long they have been doing this for. I think our broker is still on his first day. That sounds weird....My pre-approval took a working week and once I found something I had a 30 day setlement. They have been excellent. Re: Standard loan turn around time? 10Apr 24, 2009 9:58 pm CBA took 28 working days in March! Now the FHOG is about to expire, it is going to take even longer. Re: Standard loan turn around time? 11Apr 24, 2009 10:14 pm R*MS took 4 weeks for pre-approval another 3 weeks for conditional then another week for unconditional Blog: http://house.jay.net.au/ Re: Standard loan turn around time? 12Apr 24, 2009 10:20 pm Hey Lisanne, We are using a bankwest product and through a mortgage broker and from the time of approval we received the loan documents 2 weeks later and that was also due to myself being able to drop all paperwork at the settlement agents and then going to the broker and getting him to make sure I had signed everything correctly and then actually taking the doc straight to the mortgage offices of the bank. From what I am told that takes about 8 days off the time for any post delays. Luckily this was an option we could use. Re: Standard loan turn around time? 13Apr 27, 2009 2:43 pm Approximately... FOREVER. All our documents were sent through on the 24th of March.. We'd already been formally approved for land, these were just for construction. It's now the 27th of April and we are still waiting on formal approval. Over it. Building with PD - Regent 23 Cascades on Clyde Estate HomeOne Building Thread - PCI Completed - 28th August. Handover - 11th September. Re: Standard loan turn around time? 14Apr 28, 2009 4:37 pm erinleigh Approximately... FOREVER. All our documents were sent through on the 24th of March.. We'd already been formally approved for land, these were just for construction. It's now the 27th of April and we are still waiting on formal approval. Over it. Sorry to hear that. Who is your lender? Re: Standard loan turn around time? 15Apr 29, 2009 9:20 am We got conditional approval the same day, but we had everything with our broker well before that. After that we've been waiting 3 weeks and have atleast 1 more to go for unconditional. Was originally told 2 weeks. With BW Re: Standard loan turn around time? 16Apr 29, 2009 1:40 pm purpleninja erinleigh Approximately... FOREVER. All our documents were sent through on the 24th of March.. We'd already been formally approved for land, these were just for construction. It's now the 27th of April and we are still waiting on formal approval. Over it. Sorry to hear that. Who is your lender? CBA. Apparently they are pushing it back another week.. awesome. Building with PD - Regent 23 Cascades on Clyde Estate HomeOne Building Thread - PCI Completed - 28th August. Handover - 11th September. Re: Standard loan turn around time? 17Apr 29, 2009 1:49 pm erinleigh CBA. Apparently they are pushing it back another week.. awesome. Uh oh ... even though we're not at that stage yet we're also with CBA I hope you get it through soon! Re: Standard loan turn around time? 18Apr 29, 2009 1:58 pm purpleninja erinleigh CBA. Apparently they are pushing it back another week.. awesome. Uh oh ... even though we're not at that stage yet we're also with CBA I hope you get it through soon! I wouldn't worry too soon, a lot of the issues may also be stemming from the broker.. but there seems to be a blame game. Bank blames broker, broker blames bank. Nasty circle. I hope for your case you are either going directly to the bank or you have a decent broker and hopefully you shouldnt have too much to worry about. Good luck. Building with PD - Regent 23 Cascades on Clyde Estate HomeOne Building Thread - PCI Completed - 28th August. Handover - 11th September. Re: Standard loan turn around time? 19Apr 29, 2009 2:41 pm erinleigh I wouldn't worry too soon, a lot of the issues may also be stemming from the broker.. but there seems to be a blame game. Bank blames broker, broker blames bank. Nasty circle. I hope for your case you are either going directly to the bank or you have a decent broker and hopefully you shouldnt have too much to worry about. Good luck. Thanks We are dealing directly with the bank as the broker could only get us the same deal. Good luck to us all Re: Standard loan turn around time? 20Apr 30, 2009 12:07 am I'm feeling a tad worried! My loan may be thru CBA also. I currently have my home loan with them, which will be paid out upon settlement of my current house. I'll keep my fingers crossed though that it goes smoothly/quickly viewtopic.php?f=31&t=22766 - my build thread! Time waits for no man. Unless that man is Chuck Norris. The biggest challenge will be if you take out a loan and then run out of money - you'll have an incomplete security and lenders do not like this so you can get stuck.… 2 19114 What we have done in a few theatres ( including my own) is run 2 layers of 13mm gyprock, but sounds insulation especially for the bass is really tricky as a lot of that… 4 2578 You’re on the right track, wire brush in a grinder then a zinc rich epoxy primer then a top coat of some sort, like a waterproofing membrane. 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