Browse Forums Home Finance 1 Jun 21, 2009 11:39 pm Hello everyone,
I signed contract of sale on 30 May. and lodged my application on 3rd June thru Homestar Finance. Mainly due to low variable rate they offering and quick approval. Rang on 10th and checked my application progress. Broker told me still at valuation stage. No valuer has been appointed until Monday (15th), and Valuation was done 2 days later. Spoke to the broker again on 16th, he advise me it's still at valuation stage and just send my application to CBA. He said now it's out of his hand and there is nothing he can do but wait. Is that true?? How long that gonna take?? I'm not even getting an conditional approval yet. PS: I'm FHB and only asking 70% loan The problem here is the settlement date is 26th June. Vedor only agreed to sell me the property if and only if I can get a settlement with in 2009 financial year. I signed the conditional contract subject to building and finance. Is there anyway to speed up my application??? Otherwise I might lose my "home" So frustrated to explode. Key dates: Contract of sale: 30 May (Settlement date 26 June) Building Inspection: 1 June Deposit: 3 June Application to Homestar: 3 June Application to CBA and Heritage Building Society (via broker): 16 June Valuation: 17 June Bank more info: 29 June Unconditional Approval: 3 July Loan paper Received: 8 July Loan Paper delivered: 9 July FHOG Application: 10 July FHOG approved: 14 July Settlement: 17 July::angry:: Re: So frustrated of waiting home loan, what's my option?? 2Jun 22, 2009 9:15 am Was the CBA application via the broker?, if so depending on the relationship they have with their BDM they should be able to get it moving faster, make sure they have made CBA aware of the date it needs to settle by. Still no guarantee as it is a short timeframe. Re: So frustrated of waiting home loan, what's my option?? 4Jun 23, 2009 12:30 pm Wow, goodluck! Even if you got the approval today, you will be pushing to have your cash in 3 days time for settlement! It took me 8 weeks from when I signed my building contracts to settlement and the bank delayed settlement 3 times as they were taking so long and I already had pre-approval. The bank took 3 days to generate the paperwork, then it had to be returned and processed before they could arrange settlement, which took another 2-3 days '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: So frustrated of waiting home loan, what's my option?? 5Jun 23, 2009 1:25 pm lisanne has a point. I just checked their web site and it says they are a non bank lender but they have told you they are a broker, is that right? Re: So frustrated of waiting home loan, what's my option?? 6Jun 23, 2009 2:15 pm Thanks guys So far no progress yet. Hmmm. I know they refering themself as non-bank lenders. But they actully got their funds from all sorts of place, include big 4. Gross Commissions payable by Lenders Residential and Personal Lending Institution Upfront Comm1 Trail Comm2 Institution Upfront Comm1 Trail Comm2 Adelaide Bank 0.77% 0.275% Homeloans Limited 0.77% 0.275% AMP Bank 3 0.77% 0.275% Homeside Lending 10 0.715% 0.275-0.385% ANZ Bank 0.803% 0.275% Homestar 0.80% Nil Australian Central 0.77% 0.275% ING 0.77% 0.275% Australian First Mortgage 3 1.00% 0.25% – 0.55% La Trobe 3 0.55% 0.275% Bank SA 3 0.77% 0.275% Liberty Financial 3, 4 1.1% 0.55% BankWest 3, 8 0.77% 0.275% - 0.4125% NAB 0.66% Nil Bluestone Mortgages 3,4,6 1.21% 0.55% Newcastle Permanent 0.77% 0.33% Citibank 0.77% 0.275% Over Fifty Group 3 1.65% 0.275% Citibank Personal Lending 11 3.5% Nil Pepper Home Loans 7 1.045% 0.385% Commonwealth Bank 4, 9 0.77% 0.22% PLAN Lending 0.77% 0.275% Commonwealth Bank EQFS3 $1100 Nil Police & Nurses 0.70% 0.25% Deposit Access 15% Nil The Rock 0.66% 0.275% Deposit Power 3 27.5% Nil St George 3 0.77% 0.275% GE Money (Flexible) 5 0.77% 0.275% Suncorp Metway 0.715% 0.319% GE Money (Specialist)3, 5 1.10% 0.50% Vision Equity 3 1.1% 0.275% GE Money Wholesale 3 1.54% Not ascertainable Westpac Bank 0.55% 0.165% Heritage Building Society 0.715% 0.275% thlo lisanne has a point. I just checked their web site and it says they are a non bank lender but they have told you they are a broker, is that right? Re: So frustrated of waiting home loan, what's my option?? 7Jun 23, 2009 10:28 pm Yiima, if that's the gross commission (lenders pay to the broker) they have declared to you, there is definitely cause for concern. It includes lenders that do not exist any more and the commissions are extremely dated. They are not that high. Be careful, people may actually take those figures at face value and believe them to be correct. Note to readers; commissions are not uniform across all brokers. The actual amount depends on the distribution channels used and their business structures. You should only use the specific and current commission schedule as declared to you at the time of application by your chosen broker so as not to be misled. Re: So frustrated of waiting home loan, what's my option?? 8Jun 24, 2009 8:59 am thlo :lol: Yiima, if that's the gross commission (lenders pay to the broker) they have declared to you, there is definitely cause for concern. . Checked the broker agreement this morning.. D'oh.You are right.. It was dated April 2007.... Our panel lenders: We have entered into arrangements with the lenders, if any, specified in Attachment A. Subject to meeting their credit criteria, We are able to obtain credit for you from those lenders. These lenders do not necessarily represent all the lenders who offer credit of the nature you seek. Re: So frustrated of waiting home loan, what's my option?? 9Jun 30, 2009 12:55 pm Finally, some one is looking my application. Banker just asked more information yesterday and emailed it to them right away. I'm getting couple grand short than expected. Not sure how long I suppose to wait.... Fingers crossed Re: So frustrated of waiting home loan, what's my option?? 10Jul 07, 2009 11:22 pm Yiima Finally, some one is looking my application. Banker just asked more information yesterday and emailed it to them right away. I'm getting couple grand short than expected. Not sure how long I suppose to wait.... Fingers crossed Yiima, what's the latest sounds like a nightmare I have been using this awesome site, it's helped me heaps when looking for home loans: http://mozo.com.au/home-loans Let me know if it helps Re: So frustrated of waiting home loan, what's my option?? 11Jul 08, 2009 9:39 pm In today's age, resources and information available.......going to a bank through a broker....NAIVE VERY NAIVE Sorry mate, not being harsh but why would you use a broker? Re: So frustrated of waiting home loan, what's my option?? 12Jul 09, 2009 10:12 am Rhythm In today's age, resources and information available.......going to a bank through a broker....NAIVE VERY NAIVE Sorry mate, not being harsh but why would you use a broker? Coz I was stupid of thinking the process would be easier... Stupid me. Never ever again!!!!! Signed the loan paper and delivered it today. Hope the settlement can happen very soon blacktown mortgage broker 13Jul 09, 2009 11:59 am While comparison sites can provide reasonable introductory information, you need to read their disclaimers as to the reliability of the information they provide. Some of my customers (who have spare time) like doing their preliminary research to short list home loan lenders and then ask me to confirm the veracity of what they learn from public sites. They can be useful but lender policy, rates and fees are not static and even expensive comparison software we mortgage brokers use is not 100% correct and we verify details with the lenders direct before customers proceed. Re: So frustrated of waiting home loan, what's my option?? 14Jul 09, 2009 12:45 pm Now as its all done, recommend and hope you are on variable rate.. If thats the case, live it through for some time and then in 9-10 months shop around directly with the banks. Good Luck. Re: So frustrated of waiting home loan, what's my option?? 15Jul 10, 2009 9:13 am Rhythm Now as its all done, recommend and hope you are on variable rate.. If thats the case, live it through for some time and then in 9-10 months shop around directly with the banks. Good Luck. Not really yet. I thought that's the END. but sth does not smell right as nobody ever asked me to send the original copy of the FHOG (even in the loan offer, it just mentioned subject to FHOG approval ).... Checked with broker again, he said it will be part of the settlement. Checked with banker, they wont be able to tell me anything as I got a broker. left a number and they will ask the broker to call me. He never did. Called him again, and he realised the bank were counting on me to apply the FHOG myself prior settlement... What?? Then I found the vendor statement was missing and I dunt have enough time to get one yesterday. My reator actually spoke to conveyancer several times regarding this, but he nvr said he need one. Realtor was on training so did not answer my call until late. My conveyancer called the other conveyancer and they should give me one today. Are not the broker's job to make sure everything I submitted is correct and adequate???? I'm already 2 weeks late for the settlement. Everyday costs me $82. 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