Browse Forums Home Finance Re: Approval Drama's with Banks????? Anyone else???? 41May 16, 2009 9:33 am Congratulations Guys I have to report our good news too. After I heard from my conveyancer that CBA was not ready to settle yet. I went over to my branch and happened to came accross the branch manager. She listened to my story and personally guarantee will do her best to chase them up. If it come to worst, 'she will attend the settlement herself' or something along that line. And... Woila ...!! the next day which was the settlement day, everything was fine. My conveyancer rang to congratulated us and said that the branch sent their own lender for the settlement. So glad that it's turn out good. Good luck for everyone that still waiting, hope that it won't be much longer. 'fingers and toes crossed' Re: Approval Drama's with Banks????? Anyone else???? 42May 16, 2009 9:39 am andy_min I might as well join this thread too. I am stuck at the back end of the process We had conditional approval in one week, land valuation was completed last week and we have confirmed it is spot on. Now just waiting for our final approval to come through. We are using a deposit bond through another party not related to the bank but cant proceed until that final approval comes through. We are supposed to exchange tomorrow, but I doubt that will happen. Everything has been escalated but I am sure everyone has been told that. The annoying bit for us is our land wont be registered till Sept and settlements will be delayed till then & we are only financing land at this stage. The deposit bond is not coming from the bank so no money will actually change hands until Sept. We just really want them to promise to lend us money in Sept. GRRRRRRR Andy min, I can see your dilemma but I'm not sure banks do full approval for money at a later date - ie Sept. We got caught out in that one, had our land (paid for without loan) and had all approvals for house construction loan,everything in writing, anyway land took some months to title and then house started and we got first invoice - in we trotted to bank (credit union actually) thinking we just ask for first draw-down - No, loan was approved over 3 months ago, have to re-apply WTF?? no circumstances had changed We were in a comfortable financial position and no doubt about loan being re-approved, just had builder breathing fire as first payment was delayed while the process of re-approval and re-valuation took place - but this was over 12 months ago, before global cirisis hit and lending tightened up and we were'nt on the edge of approval - could have been very difficult for someone else if loan not approved 2nd time Be very careful, everyone Re: Approval Drama's with Banks????? Anyone else???? 44May 16, 2009 12:48 pm Hope you get it all sorted soon too Rachelle, sounds like they are just being pedantic in your case if it is just a $1 shortfall on a payment ,surely they cant seriously deny approval because of that Re: Approval Drama's with Banks????? Anyone else???? 45May 16, 2009 5:14 pm Quote: Just curious, what banks are these through?? We are with NAB too. Building at The Ponds Land reg 3/12/09, Land settled 18/12/09 Approved by Design Panel 16/11/09, Submitted to council 24/11/09, Approved by Council 21/1/10 Site Start 21/5/10 http://andyminpondsbuild.blogspot.com/ https://forum.homeone.com.au/viewtopic.php?f=31&t=19800 Re: Approval Drama's with Banks????? Anyone else???? 46May 16, 2009 5:22 pm Nav andy_min Hooray!!! Just got the call from our broker, that we have been fully unconditionally approved. It has taken 3 weeks exactly. Hey andy, Ask your broker to get you it in writing, and make sure you look at the amounts, etc. We had this happen 2 times where the values were wrong due to our broker making a mistake with the amount they put down on the loan app. Just giving you a heads up. Nav Quote: Andy min, I can see your dilemma but I'm not sure banks do full approval for money at a later date - ie Sept. We got caught out in that one, had our land (paid for without loan) and had all approvals for house construction loan,everything in writing, anyway land took some months to title and then house started and we got first invoice - in we trotted to bank (credit union actually) thinking we just ask for first draw-down - No, loan was approved over 3 months ago, have to re-apply WTF?? no circumstances had changed We were in a comfortable financial position and no doubt about loan being re-approved, just had builder breathing fire as first payment was delayed while the process of re-approval and re-valuation took place - but this was over 12 months ago, before global cirisis hit and lending tightened up and we were'nt on the edge of approval - could have been very difficult for someone else if loan not approved 2nd time Be very careful, everyone Great advice, thanks to both of you. Broker has double checked everything for us,he is a family friend and his brother is our builder. We will make our first payment on the house before land is register in Sept as we are able to get conditional DA approval before the land is registered. Hopefully because the bank has started paying out cash they wont make us reapply when it come time to cash up for the land and make the next house bif value payments. Everything crossed XXX Building at The Ponds Land reg 3/12/09, Land settled 18/12/09 Approved by Design Panel 16/11/09, Submitted to council 24/11/09, Approved by Council 21/1/10 Site Start 21/5/10 http://andyminpondsbuild.blogspot.com/ https://forum.homeone.com.au/viewtopic.php?f=31&t=19800 Re: Approval Drama's with Banks????? Anyone else???? 47May 17, 2009 10:11 pm A friends secured a loan with 0.7% interest rate discount. When they received their first statement, it showed the bank only gave them a 0.4% discount. They are now chasing the bank but so far no luck. Anyone here have the same experience? Re: Approval Drama's with Banks????? Anyone else???? 48May 18, 2009 3:36 pm Hi Oreo, We were told we get 0.7% but at first it will be only 0.4% as we are only taking the money for the balance of our land, once we have borrowed the full amount & it is refinanced we will get 0.7%. It is based on how much you you borrow with our lender W*stpac. Hope this makes some kind of sense, that's how my hubby explained it to me... Cara xo Building with Places "Galley 23"@ Eve, Cranbourne Nth Blog: http://www.finalyhome.blogspot.com/ Re: Approval Drama's with Banks????? Anyone else???? 49May 19, 2009 2:51 pm CBA discounts are based on the balance so that makes sense. If your current loan balance is only enough for the smaller discount category etc. Re: Approval Drama's with Banks????? Anyone else???? 50May 21, 2009 9:20 pm Hi everyone, Just thought id let you all know, the bank refused our application Because we didn't have a 20% deposit, we needed LMI and so even tho we met the bank's criteria, the LMI got us rejected, coz they need 48 months of previous employment with no gaps, and I had a gap of just under 4 months. So basically we now cannot buy till a) we have a 20% deposit, or b) I have been at my current job for 48 months, so another year... I hope everyone else has better luck than we did. Just wish they had told us this earlier rather than waiting 2 months of making us jump through hoops to be told "no". Re: Approval Drama's with Banks????? Anyone else???? 51May 22, 2009 1:22 am lexirm Hi everyone, Just thought id let you all know, the bank refused our application Because we didn't have a 20% deposit, we needed LMI and so even tho we met the bank's criteria, the LMI got us rejected, coz they need 48 months of previous employment with no gaps, and I had a gap of just under 4 months. So basically we now cannot buy till a) we have a 20% deposit, or b) I have been at my current job for 48 months, so another year... I hope everyone else has better luck than we did. Just wish they had told us this earlier rather than waiting 2 months of making us jump through hoops to be told "no". I wouldnt just one bank's word for it!!! We have lenders and mortgage insurers that accept minimum 12 months in same job or 6 months in same job with 2 years in same industry. If the 48 months issue was the only reason, there is hope. Re: Approval Drama's with Banks????? Anyone else???? 52May 22, 2009 11:23 am Our broker just spoke with a few lenders and they all basically said the same thing. So long as we need LMI, they are not going to approve the loan because of gap in last 48 months. The BANK accepted the application but it got rejected for LMI. If we don't want my employment gap to be an issue, we need to come up with 20% deposit, which in our case is $60K to $80K... so we are going to try to save enough to be able to buy in a year... first home loan advice 53Sep 02, 2009 5:16 pm lexirm, which bank said they approved it but LMI declined it? A survey must’ve completed by a certified surveyor. This form part of every DA requirement 3 223621 1 2990 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 3164 |