Browse Forums Home Finance home loans in sydney, sydney home loan advice 22Jan 12, 2009 4:41 pm Ninga I've just had a home loan approved and it barely took 2 weeks. Papers are waiting for my signature at my solicitors office though, and they're closed for holidays! Loan is through IMB though, and they're a smaller bank I guess? I believe IMB is Illawarra Mutual Building Society (not bank), in Wollongong. If they are not busy with new applications they can process them quicker. Quick preapprovals 23Jan 15, 2009 1:22 pm The amount of time it takes to get approved varies widely due to a number of factors. The most important ones are:
* The lender you apply with - obviously some are more disorganised than others! * How difficult your situation is - trust loans, 100% loans and loans to self employed applicants tend to take longer * What time of year you apply - don't even bother during the christmas rush * If you have all of your documents - make it easy for your lender by providing all of your paperwork up front. If they have to ask you again and again for docs then it wastes everyones time. It sounds to me like it took so long because it was a 100% loan. Did you say it was with St George? They merged their no deposit credit team with their parramatta credit officer during November so nothing got done. And then a few other banks stopped doing 100% loans so St George got flooded with business that they couldn't handle. The end result is a lot of angry customers! Someone said that 100% loans are a rip off but they certainly aren't. It especially depends which state you are in because the first home buyer concessions are different. In NSW it is usually better to get a 95% loan because with no duty and a $14,000 grant this is pretty easy for most people. In Victoria on the other hand it is usually better to get a 100% loan. Hope that helps you all get your loans approved! Cheers JB Re: How long for home loan approval? 24Jan 16, 2009 4:40 pm thlo Home loan approval times fluctuate greatly week by week and also by the lender in question. There is no way of predicting service levels as it depends on what the lender's staffing levels are like and how they view your home loan application. Because volume of home loan applications fluctuate greatly these days and the assessors take longer to examine more carefully, you can only have an estimate of turn around times at the time of submission (so your bank lending manager / mortgage broker should call you after your application is submitted and give you this information) . But there is no excuse for not communicating to the customer what the expected turn around times are. It is the basic requirement of a consulting service, that your home loan broker/ bank lending manager has to inform you at each milestone what has happened and what will happen next and when. Always demand updates from your lending manager, if they don't update you on a regular basis. 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 19109 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 35330 1 2992 |