Browse Forums Home Finance Re: Approval Drama's with Banks????? Anyone else???? 21May 08, 2009 11:20 pm Be careful with some brokers and the 'fiddling' of the truth some will do to push a loan through. We all want our finance approved, but if repayments are missed, questions are asked by the funder very quickly and everyone involved in the loan establishment process may be called in. The information originally provided is examined closely. The Finance industry will be held more accountable and broker qualifications examined with new regulations due for introduction in 2010. The banks are running scared with their cash at the moment, and its not helping us that the US is still in trouble. It's going to be painful for a while yet. The banks will make it increasingly difficult for all of us because they no longer tolerate risk. As some brokers are pushed from the market (won't comply with the new regulations) and independent funders can't readily obtain cash to lend, competition will dwindle and all we will be left with are the major banks. Bit of a worry really. I have to borrow some funds to build very shortly and I'm dreading it. Re. Exit Fees. Am I the only one who I think the words "deferred establishment fee" are really misleading? They should be referred to as a "Exit fee or "Loan Break fee" only. striveandprosper Building The Manhattan 39 Trend Fascade building in the Sutherland Shire http://striveandprosper.blogspot.com Re: Approval Drama's with Banks????? Anyone else???? 22May 12, 2009 4:57 pm It is all so retarded. We put our application in in early March, and it's been a constant case of the bank asking for more paperwork, sitting on it for a week or two, then asking for more. We are more than able to service the loan (my partner and i earn ok money, don't spend much at all, live cheap, and we have a flatmate who will be living with us and paying rent in the new property), and the bank's latest issue is that In the past 6 years ive had a total unemployment gap of 8 months! It is spread out in gaps of 1-3 months, in-between jobs. Fors ome reason they think new jobs are gotten overnight. I have been in my current job for 15 months, and am a permanent employee earning good money, and my partner has been in his job for years! We are just waiting to hear back now.... but I am expecting them to come up with another lot of demands, like asking for new payslips coz ones they have are too old, We have given them payslips 3 times now! grrr... . hope you guys are having better luck. Re: Approval Drama's with Banks????? Anyone else???? 23May 12, 2009 6:28 pm That's what happens when businesses are entirely profit-driven. And its' exactly why I left the industry 9 years ago. I can tell you on good authority that branch staff are still being pushed hard to meet ridiculous sales targets, and yet there's no backup service for the loans they're bringing in. Loan processing areas are under-staffed and half the people who still work there have no idea what they're doing. Customer complaints are escalating and the front line staff can't resolve the complaints because most of the time they can't get anyone in the processing area to answer the phone or respond to a fax or email. The lending and customer service staff I know are stressed-out, physically ill, exhausted and worrying about their pay being affected because they may fall short of their targets by a piddly amount. Not to mention the barrage of abuse from justifiably unhappy customers that they have to cop every single day. I wonder if the board members and senior management are ****** awake at night worrying? Somehow I doubt it. All I can say is: make good use of the ombudsman. It needs a BIG explosion of complaints from customers and their conveyancers to put a rocket up them and get some improvement to service. Knocking back loans or applying extra conditions is one thing - but these kind of delays are inexcusable. Re: Approval Drama's with Banks????? Anyone else???? 24May 12, 2009 6:34 pm We were supposed to be unconditional today. Apparently not. The bank has had the documents for weeks. We had to resubmit as they put us through as a married couple rather than tennants in common.... or some such rubbish. The loan is actually only mine, but it has to be in both names because the property is. We had a site start of 15th May... that is now gone, but we are still hopeful that we will not miss our May site start, but it's looking very doubtful. I leave you to fend for yourself, figure things out yourself. Terrence Malick Re: Approval Drama's with Banks????? Anyone else???? 25May 12, 2009 7:42 pm While I'm really really angry with my bank, their front line staff that I've dealt with have been fantastic and have done what they can to help and I am totally loving that part of the bank... It's just the head office dealing with the paperwork and (not) organising settlement that the problem ****** '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???? 26May 12, 2009 8:35 pm Were having the same problem Lisanne.... Our paper work has been sitting in the one department now for 2 weeks..... and yet we psyaically can't speak to anyone in that department! I tell you... unless your a 1st home owner they don't care right now! And it's just wrong! Hubby's Bro got approved withing a fortnight for his new place.... so he could get the 1st home owners grant! It's just not fair for the average family trying to better thier lives right now! Hopefully things start to happen for everone...... 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???? 27May 12, 2009 8:40 pm kirbstar23 Were having the same problem Lisanne.... Our paper work has been sitting in the one department now for 2 weeks..... and yet we psyaically can't speak to anyone in that department! I tell you... unless your a 1st home owner they don't care right now! And it's just wrong! Hubby's Bro got approved withing a fortnight for his new place.... so he could get the 1st home owners grant! It's just not fair for the average family trying to better thier lives right now! Hopefully things start to happen for everone...... Love Kirby xoxo I am a first home owner! My broker got my building contract on March 20th and was lodged with the bank on March 24th. 7 weeks and waiting.... I was told it would only take 2.5 weeks '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???? 28May 13, 2009 5:40 pm Quote: I am a first home owner! My broker got my building contract on March 20th and was lodged with the bank on March 24th. 7 weeks and waiting.... I was told it would only take 2.5 weeks kirbstar23 Were having the same problem Lisanne.... Our paper work has been sitting in the one department now for 2 weeks..... and yet we psyaically can't speak to anyone in that department! I tell you... unless your a 1st home owner they don't care right now! And it's just wrong! Hubby's Bro got approved withing a fortnight for his new place.... so he could get the 1st home owners grant! It's just not fair for the average family trying to better thier lives right now! Hopefully things start to happen for everone...... Love Kirby xoxo I am a first home owner! My broker got my building contract on March 20th and was lodged with the bank on March 24th. 7 weeks and waiting.... I was told it would only take 2.5 weeks Oh my goodness!! I called the bank today, the lady said they had only just received our contracts and it will be a 5-10 business day wait for anyone to look at them. Our paper work was sent nearly 2 weeks ago!!! So I emailed our 'house guy' and he is going to get onto our broker and see whether he can sort something out....apparently a broker is able to ask for it to be fast tracked if necessary (so the lady at the bank said) House has been complete since Feb 2010 Moved in April 2010 Outside completed August 2010 Currently working on the inside, painting, blinds, furniture http://ourhouseinperth.blogspot.com/ Re: Approval Drama's with Banks????? Anyone else???? 29May 13, 2009 5:56 pm Wow, after all the sh*t we have been through... things just get better for us. Our bank is taking so long that it looks like we'll miss our May site start. They have had our paperwork for a month. We have approval subject to valuation... but the builder won't go forward. Even though we are only borrowing around 40% of the value. It doesn't flucking matter what the valuation comes back as. It will be worth more than they're lending us. And we have the cash for the first few drawdowns. Oh and just to make it even better... if we miss our May site start, the next available is October! I leave you to fend for yourself, figure things out yourself. Terrence Malick Re: Approval Drama's with Banks????? Anyone else???? 30May 13, 2009 6:23 pm Blue So I emailed our 'house guy' and he is going to get onto our broker and see whether he can sort something out....apparently a broker is able to ask for it to be fast tracked if necessary (so the lady at the bank said) Hah! Mine was escalated many times! GRRR joles Wow, after all the sh*t we have been through... things just get better for us. Our bank is taking so long that it looks like we'll miss our May site start. They have had our paperwork for a month. We have approval subject to valuation... but the builder won't go forward. Even though we are only borrowing around 40% of the value. It doesn't flucking matter what the valuation comes back as. It will be worth more than they're lending us. And we have the cash for the first few drawdowns. Oh and just to make it even better... if we miss our May site start, the next available is October! What a joke joles!!! This is ridiculous and so frustrating to hear!! October?? FARK!! I emailed my CSC today, will call her tomorrow '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???? 31May 13, 2009 6:31 pm omg Jo! Hope you get some good news soon. I'm in the same boat, we've been declined now but have asked them to reconsider. I hate how they declined instead of asking for more information, the problem was that we short paid one of our mortage payments on the land.. by one dollar! It's a farking joke. Re: Approval Drama's with Banks????? Anyone else???? 32May 13, 2009 9:26 pm 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 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???? 33May 15, 2009 4:28 pm Hooray!!! Just got the call from our broker, that we have been fully unconditionally approved. It has taken 3 weeks exactly. 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???? 34May 15, 2009 5:02 pm 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 Re: Approval Drama's with Banks????? Anyone else???? 35May 15, 2009 5:19 pm YAY.... We got the silver tick of approval today! YAY!...... What a way to end the week! So happy..... Hopefully it happens for you guys soon..... took us such a long time! 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???? 36May 15, 2009 5:53 pm Oh how jealous am I?????? YAY! For everyone else Just curious, what banks are these through?? House has been complete since Feb 2010 Moved in April 2010 Outside completed August 2010 Currently working on the inside, painting, blinds, furniture http://ourhouseinperth.blogspot.com/ Re: Approval Drama's with Banks????? Anyone else???? 37May 15, 2009 6:28 pm we arw with the NAB.... GOOD LUCK! 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???? 38May 15, 2009 7:53 pm Guys!! Well done As suggested though, (and I dont want to dampen the occassion at all) but get it in writing from the bank. Having spent several years in the industry, and after what has happened recently, a broker telling me I am approved means exactly zip (apologies THLO I am generalising) whereas a letter from your lender may hold some weight down the track. Again well done guys! Matt Re: Approval Drama's with Banks????? Anyone else???? 39May 15, 2009 8:02 pm Congratulations on the approvals guys! I'm so happy for you. I agree tho that you should get it in writing. We have been waiting 2 months but our broker has managed to get them to give us an answer within 48 hours... so Monday. Can't wait. Hope everyone else get's some luck with their applications. Re: Approval Drama's with Banks????? Anyone else???? 40May 16, 2009 5:39 am Yeah... defiantly.... I demanded a e-mail copy of what he had in front of him.... So, so happy to actually see it in black and white.... they also said that we will get posted one out within the week! But at lease i have the e-mailed one. Thanks again.... and like i said! I have fingers crossed that they hurry up for all your guys as well! Love Kirby xoxox 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/ A survey must’ve completed by a certified surveyor. This form part of every DA requirement 3 223474 1 2964 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 3144 |