Browse Forums Home Finance 1 Jul 20, 2009 6:25 pm hi guys, Does anyone know how long we have to wait to get the unconditional loan approval with commonwealth bank.We got the auction on july11th and there is a 30 day settlement period.it's already 10 days now, can someone please say something about the waiting period . kind regards chris Re: Home loan with Commonwealth Bank 2Jul 20, 2009 6:32 pm That seems a bit tight, isn't it normally a 6 week settlement? Are you going through a broker or directly with the bank? Our broker is always escalating our applications with CBA. . . ring them and tell them how urgent your situation is (your broker or bank). On a positive, we put in a new application for our construction loan with them last Wednesday, and we got the pre-approval the following day (admittedly, it was an "amended application" rather than a new one, but our broker (who's also my friend) said that they'd been promising to process applications quicker and that our pre-approval seemed to show that they were doing what they said). . . sorry, probably not the answer you were looking for, but maybe will give you a bit more hope? Re: Home loan with Commonwealth Bank 3Jul 20, 2009 6:40 pm mightychristos hi guys, Does anyone know how long we have to wait to get the unconditional loan approval with commonwealth bank.We got the auction on july11th and there is a 30 day settlement period.it's already 10 days now, can someone please say something about the waiting period . kind regards chris We had gone with a mortgage broker, Re: Home loan with Commonwealth Bank 4Jul 20, 2009 9:09 pm ok mightychristos, then you'll probably have to go through your mortgage broker. I've tried going straight to the bank before, and they say that they can't talk to me until after the loan has settled, until then I have to talk to my broker, who will talk to them. Does your broker know your situation? I'd ring them tomorrow morning and get them right on it. This is probably the kind of time when a mortgage broker proves useful, as they have established contacts at the bank and might be able to hurry things along for you. Re: Home loan with Commonwealth Bank 5Jul 20, 2009 10:10 pm I have an application in waiting with CBA at the moment (New South Wales). I have been quoted 14 plus days by cba staff for the queue, ie for the file to reach its turn. Re: Home loan with Commonwealth Bank 7Jul 20, 2009 10:50 pm Our loan got approved in 7-10 days time and the paperwork was sent to us immediately and then again after 2-3 days (mistake).We sent everything back but didnt need the money straightaway so sitting tight with fingers crossed. Re: Home loan with Commonwealth Bank 8Jul 20, 2009 10:59 pm I got pre approval 7 months ago and then when I found my house to build, it took them a whole month to send it all out and then they made a mistake and it took another week Building with Homebuyers Centre El Questro! My building thread..viewtopic.php?f=31&t=19421 Brickies started 5/10 Re: Home loan with Commonwealth Bank 9Jul 20, 2009 11:16 pm jodge This is probably the kind of time when a mortgage broker proves useful, as they have established contacts at the bank and might be able to hurry things along for you. Point well made but you only have a limited number of times this can be done; for really urgent applications. If an application is for pre approval (like my CBA applicant) you just have to wait for your turn or if the applicant does not wish to wait, choose the lender based on the full service proposition including waiting times. Re: Home loan with Commonwealth Bank 11Jul 21, 2009 10:01 am We went through a broker for our pre approval with Commonwealth. We were told 10 days but it took just over 3 weeks. Couldn't fault Mortgage Choice though, they were ringing them every 2 days to see where they were up to with it and pushing it along. We were told they are very busy with first home owner applications at the moment. Re: Home loan with Commonwealth Bank 12Jul 21, 2009 10:40 pm hi Guys, i really dont want to make any comments about commonwealth bank ,i feel like they dont care, we applied for loan with commonwealth bank on 30th june, they started looking in the application on 13th of july which is two days(11th july) after the auction and still havent got back to us.Mean while i went with another broker and applied to Westpac on 18th of july and the loan got approved on 21st of july(Which is today)they took only 3 days for them to give us a feed back which very important in our situation with30 days settlement . i feel that going for loan with Westpac is much better than any other banks at the moment. chris Re: Home loan with Commonwealth Bank 13Jul 22, 2009 2:12 am Actually 3 days for approval is what we call 'normal'. The most popular banks are snowed under due to their popularity and naturally take longer these days. Re: Home loan with Commonwealth Bank 14Sep 08, 2009 5:49 pm thlo, we expect to be signing the contracts for a new property tomorrow. We already have pre-approval. My husband is going overseas on Sunday for a month, what can we do to speed up the process? What sort of paperwork needs to be signed? Can we do it before he leaves? Thanks! Re: Home loan with Commonwealth Bank 15Sep 08, 2009 7:37 pm The problem is you go through a broker they deal with the bank not you . If you go direct to a branch usually the lender there can approve the loan themselves, which brokers can;t do and it can be done in under an hour, subject to a valuation. Deal direct with your local branch Harribeka Re: Home loan with Commonwealth Bank 16Sep 08, 2009 8:40 pm I have been dealing direct with the bank, not through a broker. But we got the pre-approval months ago so I haven't spoken to the person there in a long time. Re: Home loan with Commonwealth Bank 17Sep 08, 2009 8:50 pm I think a lot of it has to do with how many applications they are processing at the time. For our land loan it took 5 weeks for Westpac to give unconditional approval due to a backlog of applications and we had to get an extension on our condition to finance clause twice. I have 2 friends who also went for a home loan at the same time same bank and it took 6 weeks for theirs to go through and the vendor almost put the house back on the market as a result. This was in March when everyone seemed to be buying. For our construction loan, this was put through in June and took only 5 days to reach unconditional approval and it was through the same bank. Another friend bought a house in July and his only took a week to go through as well so I think the backlog has a lot to do with it. Building Sandhurst 36 Porter Davis Currently Fixing Re: Home loan with Commonwealth Bank 18Sep 08, 2009 8:55 pm It's called under-staffing!! All the Banks are guilty of it. No good for the Bank staff, no good for the Bank customers - plenty good for the Bank's hip pocket!!! MagicJ I finally have my own reno thread: viewtopic.php?f=1&t=28335 The reason a dog has so many friends is that he wags his tail instead of his tongue! Re: Home loan with Commonwealth Bank 19Sep 09, 2009 12:37 am The answer is simple. Deal directly with the bank or a Mortgage Innovator like myself. Bank staff have different channels to the brokers which are always snowed under. I act like a broker but only for "a major Bank", so have access to approvals within 60 minutes. No waiting around for broker to submit the loan to the bank and then wait for the bank to approve it.
In fairness to brokers they do a great job, (if you work with a professional) however to give you an idea, in May this year broker loans coming into "a major bank" went from 4,000 applications per month to $4,000 per week. Hard to accurately predict what will happen in the market to staff the credit departments accordingly.
Home loan with Commonwealth Bank 20Sep 09, 2009 11:56 pm CoNNiE thlo, we expect to be signing the contracts for a new property tomorrow. We already have pre-approval. My husband is going overseas on Sunday for a month, what can we do to speed up the process? What sort of paperwork needs to be signed? Can we do it before he leaves? Thanks! Hi Connie, You can get your broker or lending manager to advise the lender that this is the case. In exceptional circumstances they can fly a file through the queues. I've had loan documentation issued and dispatched by express post same day as approval. My customers had the loan agreement the next day. In some cases I picked up loan documents from banks' processing centres (only works with lenders like NAB, CBA, St George etc which have local Sydney centres) and delivered to my customers the same day for signing. I once delivered to my customers' solicitor in time for their previously scheduled appointment. How much are you ahead in payments compared to where the build is at? Have you fully drawn down the loan? 5 11915 The biggest challenge will be if you take out a loan and then run out of money - you'll have an incomplete security and lenders do not like this so you can get stuck.… 2 19096 Hi, you've probably already resolved this, however, Commbank will probably pay the funds to you after you send evidence the work is done regardless the change in the quotes. 1 35321 |