Hi,
Just wondering how long credit approval should take from a bank?
We have had our loan in for approval for 4 weeks today and still no word yet.
Any ideas or experiences?
Thanks
Browse Forums Home Finance Re: Credit Approval 3Jun 18, 2010 11:13 am No, We are going through a bank. The loan application had to be resubmitted as there had been an error with paperwork on their side of things but i didnt think it would of taken this long. It has been resubmitted for over a week now. Re: Credit Approval 4Jun 18, 2010 12:02 pm Mine took about 2.5 weeks, and yes, there was also an error on the bank's end. However I used a broker who I hassled every 2nd day to hassle the bank to get things moving. Hope you get yours approved soon Re: Credit Approval 5Jun 23, 2010 4:14 pm An approval can take between a weeks to four weeks depending upon the lender, the finance being applied for, your personal financial circumstances etc - there are so many variables - the main thing is that you keep ringing every couple of days if you have not heard anything. A broker does this for you - but if they are not letting you know then you should contact them - again if no broker then contact the lender. If you have finance dates that have to be considered then you need to make sure you have time up your sleave if something goes wrong. Re: Credit Approval 6Jun 23, 2010 5:00 pm We applied to bankwest thru a broker. It took more than 4wks for us to get approved. Some lenders just take their time. VICTORY 1800, EN-SUITE, DOUBLE GARAGE, FAMILY ROOM AND ALFRESCO Land Settled: 20 July 2010 Site Scrap: 30 August 2010 Slab Pour: 20 September 2010 Frame Complete: 23 September 2010 Fascia and Gutters: 28 September 2010 Roof Complete: 06 October 2010 Lock-up complete: 28 October 2010 Plaster complete: 29 October 2010 Fix-out complete: 22 Nov 2010 PCI 7 FEBRUARY 2011 Re: Credit Approval 7Jul 13, 2010 1:41 pm We also applied to bankwest through a broker and it took under a week! Very impressed, especially since our first application through westpac took over 8 weeks!!! Mistakes were made by our broker, by the bank, the wrong file was sent to the valuer, then the correct file was sent to the wrong valuer (ie. to the westside valuer instead of the south-east valuer), etc etc etc!!! It seemed to be one thing after another. Haven't experienced any of those problems with bankwest... yet!!! Re: Credit Approval 8Jul 13, 2010 6:34 pm Melly03 Ours was approved within a couple of days. Are you going through a broker? The whole process seems to take a lot longer if you are using a broker. This is a common misconception for a number of reasons: * Banks tend to be dealing with more simple loans than brokers deal with. Simple loans are always faster. * Brokers try to choose the cheapest loan available whenever the situations permit. The cheapest lenders are often quite slow. Think of what would happen if a petrol station offered 50c a L petrol? The same thing happens to lenders that offer very cheap rates. * Some brokers (and bank managers) are salesman type personalities and are very disorganised. As long as the person you are dealing with is efficient and has a good attention to detail this usually isn't a problem. Mistakes are very common in the finance industry. * Banks often give system generated on the spot pre-approvals which have not been to their credit department. This results in people believing they are pre-approved when they haven't really had the decision makers even look at their application! Brokers tend to prefer a real pre-approval as that way if someone wins an auction they don't risk everything! When we have a simple loan with a customer borrowing less than 80% of the property value, with no valuation required & all of the documents we need then it is possible to get approval with two of the majors (at present) within a day. With the others it is very hit and miss Re: Credit Approval 9Dec 07, 2010 10:25 am jb_money When we have a simple loan with a customer borrowing less than 80% of the property value, with no valuation required & all of the documents we need then it is possible to get approval with two of the majors (at present) within a day. With the others it is very hit and miss Wow, that fast? I'm new to home loans and I actually planning on having one. So by "simple loan" what you mean by that? I am going to apply for a home loan and I'll be having my partner as a co-owner but not as a co-lender. I'm a first time home owner while my partner is not. Is my case still be referred to as a simple loan? Re: Credit Approval 10Dec 07, 2010 12:34 pm winnekejett Wow, that fast? I'm new to home loans and I actually planning on having one. So by "simple loan" what you mean by that? I am going to apply for a home loan and I'll be having my partner as a co-owner but not as a co-lender. I'm a first time home owner while my partner is not. Is my case still be referred to as a simple loan? Your situation is going to be a lot different. If your partner is going on the actual title deed however not on the debt - ie the loan will be solely in your name then your partner will have to be down as a guarantor. You cannot have their name on one doc and not the other. Is there any reason why they are not going onto the loan with you? It makes no difference whether they are first home buyers or not. The only time this matters is if you are trying to get the First home buyers grant. In that case you would forfeit it should their name be on the deeds alongside yours. The property would have to be solely in your name for you to receive the grant. Years ago you could still receive the stamp duty discount should one person not be a first home buyer but not sure whether this is still current or not. Simple loans are normally ones which are easy - ie income is sufficient to service the debt / mortgage is less then an 80% LVR / property is classified as a normal residential lend. These loans were pretty simple to get an answer on straight away. Some things are worth waiting for. Re: Credit Approval 11Dec 07, 2010 12:53 pm winnekejett Wow, that fast? I'm new to home loans and I actually planning on having one. So by "simple loan" what you mean by that? I am going to apply for a home loan and I'll be having my partner as a co-owner but not as a co-lender. I'm a first time home owner while my partner is not. Is my case still be referred to as a simple loan? You will probably not be able to find a lender that will let you have both parties on the title but not the loan docs. The bank want anyone with an interest in the title to also be responsible for the mortgage on it; perhaps as a guarantor as kyton pointed out. If you are hoping to get the FHOG you will find that you are not eligible if either of you has owned a home before. Re: Credit Approval 12Dec 07, 2010 2:46 pm we had approval in a couple of hours but of course lending rules have changed after the gfc finished building 40 square home on 5 acres with perry homes.working on the landscaping just finished pool deck with ://forum.homeone.com.au/viewtopic.php?f=31&t=2217 Re: Credit Approval 13Dec 08, 2010 11:57 pm We're with Westpac, the land approval took just over a week, and our construction approval took about 2-3 weeks. viewtopic.php?f=31&t=37229 - our Iris 4! 1 2992 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 3166 |