Browse Forums Home Finance 1 May 05, 2009 3:27 pm Well..... 1st of all we are home owners already..... and have a loan with Bank West.... have had now for 3 years.... and before that had a loan with Westpac for 8 yrs..... So I know we are having really tough times in the owrld and money but gees...... We applied for a new loan via bank west back in feb..... found out mid april that they won't approve it! Apparently not till our current house is sold.... even though we gave them all the evidence they needed to say it was on the market. So thats fine! Our broker suggested we try a different avenue...... NAB..... and just my hubbies wage (as we are pregnant again) It's now been over 4 weeks and still not heard anything! Also..... we are only wanting about $320K...... we can finance up to $500k just on hubby! So basically..... is anyone else out there being given the royal run around from the banks lately! Thanks..... it's doing my head in at the moment! Love Kirby xoxo Texas Aston Joe became our world on the 20th December 2007 Pregnant again this time Due on Xmas Day..... We must have a thing with December! Glenn and I are building our dream home..... http://lifeastherichmonddavisclan.blogspot.com/ Re: Approval Drama's with Banks????? Anyone else???? 2May 05, 2009 4:21 pm can't really answer your question but i just wanted to add, have you found out about deferred establishment fees? i just found out that if we try and get out of our westpac loan within four years (to sell, refinance etc) we have to pay them $900 - ouch! BankWest may be different but just be aware of that. L Re: Approval Drama's with Banks????? Anyone else???? 3May 05, 2009 5:26 pm Just about anyone who is waiting to hear is having issues, you are not alone '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: Approval Drama's with Banks????? Anyone else???? 4May 06, 2009 10:33 am We have been having nightmares due to our loan applications for months now! We were referred to a great broker who got us on to A** as they were the quickest to process. Their valuation came in the $20k short so we made a couple of variations to our contract to get the price closer to the valuation (just got rid of stone bench tops and aircon which we would add in later). All was good and our broker said we have conditional approval, all we needed to provide was a letter from my partners employer and a letter from us stating we wouldn't continue our application with SG. FIne! Now a week later, the broker has told us they have gone back to the valuer to see if the variations would affect the valuation!!! Now! Why wouldn't they have done that previously?? Now we are axiously waiting to see what the new valuation is and if short again we will be in trouble as it will probably be over 90%. Should the bank have stated this was part of the conditional approval? Has anyone else been through this before?? I don't want to be going through this stressful process again any time soon! Re: Approval Drama's with Banks????? Anyone else???? 5May 06, 2009 10:57 am It's crazy..... I must admit we are in a good position that we are well under the 90% mark..... it's just the waiting..... and now our contract has gone unconditional as they refused our extension after the 6th one.... which is understandable! But now were really wanting this approval! Broker was over last night..... has has applied with AMP as of today.... as apparently they are on the ball at the moment. He got an approval for his son wihin a fortnight! Thats a hell of a lot better than 6 weeks....... Love Kirby xoxo ps.... he also told us that one of his clients got knocked back at settlement day. So now they are really up in the air.... and he's been trying to get a new loan for them! How can they just suddenly knock you back..... Fingers crossed it dosen't happen to anyone here. Texas Aston Joe became our world on the 20th December 2007 Pregnant again this time Due on Xmas Day..... We must have a thing with December! Glenn and I are building our dream home..... http://lifeastherichmonddavisclan.blogspot.com/ Re: Approval Drama's with Banks????? Anyone else???? 6May 06, 2009 10:46 pm ^^ That would be my worst nightmare to get knocked back!! I'm currently in the *holding* stage waiting to hear back from my broker... Its only been a week, and i've already been told that I may not hear anything back until the end of the month! Its all just very frustrating hanging in this kind of *limbo*! viewtopic.php?f=31&t=22766 - my build thread! Time waits for no man. Unless that man is Chuck Norris. Re: Approval Drama's with Banks????? Anyone else???? 7May 06, 2009 11:05 pm My sister and family are due to move into her 'pre-loved purchase' (read house) and on Monday her conveyancer rang the CBA to confirm a time for settlement. Imagine the conveyancers suprise when they were told the loan was now rejected!!! WTF? No letters...no communication...When were the bank going to tell them? Loan was approved 4 weeks ago in full (during the weekend they all stayed back over)...Accounts were opened, credit cards issued (totalling $20,000) etc etc. Now (Tuesday) 3 days before settlement ... "sorry cant help!" Already given notice on the rental to move this Friday...hmmm hmmm ... she is a much nicer person than I am! Re: Approval Drama's with Banks????? Anyone else???? 8May 06, 2009 11:27 pm No way mattwalker! the loan was fully approved, signed and cards issued and then they rejected it? on the basis of what? that's just heartbreaking! can she get it sorted out? I can't believe it! hope it all gets sorted out soon for her Building a Wisdom Prosperity 23 - http://erwisdomprosperity.blogspot.com/ Re: Approval Drama's with Banks????? Anyone else???? 9May 06, 2009 11:44 pm Its all over for the bank! They are not interested at all in helping... And to think this was a bank I used to spruik all the benefits about Re: Approval Drama's with Banks????? Anyone else???? 10May 07, 2009 12:00 am that's terrible Matt! I hope your sister is ok and can at least stay in the rental longer... Building a Wisdom Prosperity 23 - http://erwisdomprosperity.blogspot.com/ Re: Approval Drama's with Banks????? Anyone else???? 11May 07, 2009 12:05 am nope to that too! The owners are moving back in on Friday! Hopemum and dad are ready for a family of 5 Re: Approval Drama's with Banks????? Anyone else???? 12May 07, 2009 12:08 am Oh bummer, sorry to hear Matt, that bank has a lot to answer for!!!! bast#rds!!! Building a Wisdom Prosperity 23 - http://erwisdomprosperity.blogspot.com/ Re: Approval Drama's with Banks????? Anyone else???? 13May 07, 2009 1:14 am Holy crap!! Thats terrible?? How could the bank do that tho?? They must have screwed up seriously at some point in the application process. I feel so bad for your sister mattwalker!! viewtopic.php?f=31&t=22766 - my build thread! Time waits for no man. Unless that man is Chuck Norris. Re: Approval Drama's with Banks????? Anyone else???? 14May 07, 2009 11:30 am MAtt, thats so horrible for your sister.... But sounds very much like a few stories i have heard lately! Talk about wrong! Love Kirby xoxo Texas Aston Joe became our world on the 20th December 2007 Pregnant again this time Due on Xmas Day..... We must have a thing with December! Glenn and I are building our dream home..... http://lifeastherichmonddavisclan.blogspot.com/ Re: Approval Drama's with Banks????? Anyone else???? 15May 07, 2009 11:36 am mattwalker nope to that too! The owners are moving back in on Friday! Hopemum and dad are ready for a family of 5 How does that happen.???? Once you sign and they present your with your loan docs, isnt that a binding contract??? Is that illegal?? Living in Caloundra Thread****** Lovin my house all finished!!! Now tackling the HUGE task of the Garden- viewtopic.php?f=31&t=14782 Re: Approval Drama's with Banks????? Anyone else???? 16May 07, 2009 1:59 pm For us its not the bank, but the mortgage insurer. They seem to wait a few weeks, come up with some more paperwork they want, sit and spin... EG, building a new house we dont have window coverings included (pretty standard) so they wanted a quote (This is the mortgage insurer) for window coverings, to 'see if we can afford them'. FFS you retards, yes we planned on buying a house thats WELL in our means, oh you mean we will want something on the windows? IM SHOCKED! Our broker, builder, and about everyone Ive told has just gone WTF at that, luckly our builder also does some commercial stuff so just got a stupid quote for the stupid window coverings to try and appease the stupid insurer. Im waiting for them to ask for quotes for things like brik-a-brak next... They also complained my pay slips were too old, well, they were the latest i had WHEN WE PUT IN THE PAPERWORK 6 WEEKS AGO! Re: Approval Drama's with Banks????? Anyone else???? 17May 07, 2009 3:13 pm Ah yes - still waiting. I thought we had it in the bag easy. Broker made it sound like a done deal too (now I feel a bit gullable). We already own two properties and have a healthy income. We are supposed to settle - tomorrow! No answer from the bank. It has been 'escalated' apparently. Must be sitting in someones in tray somewhere. Hopeless! Re: Approval Drama's with Banks????? Anyone else???? 18May 08, 2009 10:08 pm Omg Matt that's the worst thing!! '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: Approval Drama's with Banks????? Anyone else???? 19May 08, 2009 10:45 pm adding to the list of bank approval drama with ours, Got our conditional approval with CBA since Jan 09, then we decided to build in Feb 09, managed to get the developer to delay the settlement to 2nd week of May 09, just to be in the safe side. Lucky we did. the Land valuation come back spot on to the purchase price and unconditional approval on March 09. Have signed the building contract and everything was fine so we signed the home loan contract on the last week of March. Suddenly, on last monday, CBA rang me and said that the building valuation come in 25K short because new estate/no comparison at the moment, so they need us to sign a new contract with 25K less or pay extra LMI if we keep going for the full amount? what the ...?!!!. With only 1 week to settlement, we fell like we've been blackmailed to accept. Finally, we accept the new loan amount and signed the new contract the very afternoon. CBA is fully aware that our settlement date is within a week and we was assured that everything is ok now. Guess what? my conveyancer rang me today and said that CBA is not ready to settle yet... Re: Approval Drama's with Banks????? Anyone else???? 20May 08, 2009 10:57 pm these stories are just terrible... A thankful person is a happy person. [/color]My hobby design blog: http://aviewondesign.blogspot.com/ A survey must’ve completed by a certified surveyor. This form part of every DA requirement 3 180001 1 1343 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 2185 |