Loan approval times (Westpac)

Hi, Does anybody know how long you should expect to wait to recieve notification of unconditional approval from Westpac. They told us it should be 14 days but many people I have talked to say to expect longer.

Anybody here have any experience with Westpac or even other lenders?

Cheers

We just sold our house and it took the buyers 3 weeks to get finance. Not sure of which bank sorry, but I believe 3 weeks is the minimum.

There is a new member who is a Westpac employee. He should be able to give current and up to date information.

Hi I have refinanced recently with westpac and i had my unconditional approval within the 14 day period advised to you. Good Luck !

I had no problems and everything went smoothly for me unfortunately whoever you go with it's a waiting game. I think all up it took roughly a couple of months or may have been a bit less but not much.

Lucky you... I'm still sitting there waiting for my Homestar/CBA.... sigh... Almost 4 weeks...

Mine took about 6-7 weeks to be approved by Westpac

We have just received unconditional approval from Westpac after 8 business days. We were originally going to go through homeside but after 6 weeks we still didn't have conditional approval so we went to Westpac. We are already customers so this may have made things a little quicker. Good Luck!

from conditional to unconditional it took about 4 weeks for us !

Hang in there ! It's a pain waiting though. I must admit I did do a bit of pushing so they wouldn't forget me.

Hi there,

Our credit team are currently running within expected timeframes. It would depend on the workload of your home finance manager but generally 14 days will be plenty at the moment.

Cheers,

Bill

Thanks Bill, Great to know.

Paperwork went in today so the ball is now rolling.

Fingers crossed.

Took 12 days for us - including extra delays created by a mistakes on our broker's behalf. Our Westpac rep went out of her way to make sure we made our deadline.

Good luck!

ANZ, 21 days (plus a weekend because I didn't have some documentation ready on a Friday).

Hi Tornado How is everything going? Any news yet? J Baby

Hi, question for everyone buying and wiating for final approval. Do you go ahead with the contract anyway i.e. when the 5 day cooling off period is up and you;re still waiting on final approval and maybe bank valuation, do you ask for an extension to the cooling off period or just go ahead and hope like hell you get the final approval as this is what my conveyancer has advised. Worrying stuff....

[quote="jbaby"]Hi Tornado How is everything going? Any news yet? J Baby

[quote]

Was told yesterday that they should have word from the Valuation on Friday. Everything still on track as far as they are aware.

I signed and then waited for final approval from westpac.

Very worrying stuff. Many sleepless nights hoping that they approved. Thank goodness they did. Apparently its common to do this.

Many contracts do state that you have to show an ability to pay the contract
( eg savings shown or bank approval) or the contract can be voided. If you havent shown them any preapproval papers this could work in your favour if the bank were to reject.

Are you super confident they will aprove???

Its a silly move to sign first but I did it and Im glad i did.

Just check your building contract to see what the outcome would be if they decline finance

Took us about 6-7 weeks for unconditional approval with westpac for our land- ie, after valuations and everything - but that was earlier this year when things were a bit crazier I believe...

I'll be putting my construction part of the application in for final approval in the next week or so and am hoping will be unconditionally approved in a few days since as we already have preapproval done - fingers crossed !

Good Luck!