Browse Forums Home Finance 1 Aug 02, 2012 10:11 pm Okay so abit of a vent here. We are STILL waiting on a reply regarding our application ( see below my thread - construction nightmare). What is the deal with St George? It's been 7 weeks and counting. Every time we seem to be making progress and they say "we'll have unconditional approval for you tomorrow" two days later (never when they say of course) they tell our broker they want another piece of information (on two occasions it's been the same piece of paper they already had and we re-sent). E.g they told us our valuation came back good. Three days later we hear "we don't have your building plans" - obviously they do to have done the evaluation!! Of course last Friday they said "definately Monday we can sign off" - they assured our broker they have ALL documentation and nothing is outstanding or required) today we hear they want our cost estimate sheet on the actual St George cost estimate letterhead sheet (mind you we filled out the form that they supplied originally). We resigned the "letterhead" cost sheet (no details were different - same total $) our broker said don't expect to hear for another 3 days!!! This keeps happening!! Next week a new person will pick up our file and want something else (that they already have no doubt)..we'll provide it then BAM another 3 days are chewed up. Is anyone else been given the royal run around at the moment? It seems like they are doing absolutely anything not to approve our loan and generally stall the whole process. Brokers are you having similar problems with your clients at the moment? I wish I had the luxury of pulling the plug and going with another lender Re: Current St George Loan Process Time - A JOKE! 2Aug 05, 2012 5:00 pm We had similar issues with the bank. We put in a formal complaint direct to the bank, attentioning it to the CEO (included their name specifically - usually found on the website). Ended up getting the $695 application fee reimbursed as a sorry for the constant delaying tactics. Re: Current St George Loan Process Time - A JOKE! 3Aug 05, 2012 5:13 pm We had major problems with bank of.melbourne. It has been 3 months. Firstly they undervalued house by 50k, we managed to scrape together the rest. Then they said we would need to pay an extra 18k as our area was a declining market.. Wtf? went to 2 other banks last week both banks got the valuation done within 2 days and both were spot on. We cant build with bank of melbourne because we cant afford to and because the land is locked in with them we will have to break contract to go through someone else which will cost over 2k. I am definately going to ombudsman as all our finances were open to them from the start and they should have done valuation a hell of a lot sooner. This last 3 months my wife has been a wreck and we have wasted 3.months build time plus rent... My advice to everyone get valuation done before signing. 2 Re: Current St George Loan Process Time - A JOKE! 4Aug 07, 2012 10:36 am [quote="gonecountry"]Okay so abit of a vent here. We are STILL waiting on a reply regarding our application ( see below my thread - construction nightmare). What is the deal with St George? It's been 7 weeks and counting. Every time we seem to be making progress and they say "we'll have unconditional approval for you tomorrow" two days later (never when they say of course) they tell our broker they want another piece of information (on two occasions it's been the same piece of paper they already had and we re-sent). E.g they told us our valuation came back good. Three days later we hear "we don't have your building plans" - obviously they do to have done the evaluation!! Of course last Friday they said "definately Monday we can sign off" - they assured our broker they have ALL documentation and nothing is outstanding or required) today we hear they want our cost estimate sheet on the actual St George cost estimate letterhead sheet (mind you we filled out the form that they supplied originally). We resigned the "letterhead" cost sheet (no details were different - same total $) our broker said don't expect to hear for another 3 days!!! This keeps happening!! Next week a new person will pick up our file and want something else (that they already have no doubt)..we'll provide it then BAM another 3 days are chewed up. Is anyone else been given the royal run around at the moment? It seems like they are doing absolutely anything not to approve our loan and generally stall the whole process. Brokers are you having similar problems with your clients at the moment? I wish I had the luxury of pulling the plug and going with another lender /quote] At the moment it seems to be hit and miss with them. I have applications sent in at 3 days later approved and others taking more than 2 weeks with the run around about missing docs ect that they already received. With most banks if they dont pass first time they can take a long time. Re: Current St George Loan Process Time - A JOKE! 5Aug 07, 2012 11:29 am wow I would be going through the roof - ours took about a week and a half from start to end inculding getting the valuation done. 29/05/12 - Contacts Signed 18/06/12 - Land Settlement 03/07/12 - Building Approval 20/07/12 - Slab Down Re: Current St George Loan Process Time - A JOKE! 6Aug 07, 2012 11:43 am Thanks for the comments so far. addisont - I will be complaining as well, I think waiving some fees is the least they could do. captainsideburns - I feel your pain, it is so stressful, luckily the valuation came back fine for us but this would add an extra strain for sure! NEWtobuilding3 - are you serious? It basically took a week and a half just to hear back that the valuation was okay! The latest is....we still haven't heard a word back from the back, apparently yesterday was a bank holiday. No doubt that's another day of waiting wasted. I'd like to think we might get some kind of decision by the end of this week - but like the last 7 weeks no doubt Friday will come and go and we will of heard nothing. Tomorrow is exactly 2 months since our application was lodged... Re: Current St George Loan Process Time - A JOKE! 7Aug 07, 2012 2:26 pm we are with another bank and we are having same drama......my thoughts are nothing ever comes easy for me but it all seems to work out in the end....i just have to work twice as hard as everyone else.....i've also been told from a insider that there is always major delays with loan approvals over End of financial year and that it turns into a back log.keep you chin up, if they were going to say no they would have done it already......good luck and hopefully we both get a answer by the end of the week...... 11/2/12 dep land 2103/12 dep 21/06/12 land reg 12/7/12 color app 13/11/12 da 18/12/12 slab 4/2/13frame 15/2 brick 27/2 roof 5/3 internal 18/3 gyproc, lockup Apr kitchen,architrave painting Re: Current St George Loan Process Time - A JOKE! 8Aug 07, 2012 2:45 pm Thanks for your post Candice Nice to know others are having the same issues. I know what you mean, all our stages so far seem to have taken so much longer than everyone else. I hope you get an answer soon as well Re: Current St George Loan Process Time - A JOKE! 9Aug 07, 2012 4:29 pm We went with the Bendigo Bank and our manager was great. He pushed everything though so we could sign our contracts with the builder before the FHBG finished. The whole process has been painless so far 29/05/12 - Contacts Signed 18/06/12 - Land Settlement 03/07/12 - Building Approval 20/07/12 - Slab Down Re: Current St George Loan Process Time - A JOKE! 10Aug 07, 2012 10:55 pm When a banks pushes a "special discount / price/ rate or package" their process time normally takes anything from 5-10+ days longer then normal. ie 3 month ago AMP had a special fixed rate of 5.75% their processing time went from 48 hours too 10 working days!!! But in your case, im a bit surprised...7 weeks? that's a long time+ St George bank isn;'t running any special pricing/campaign that would see their process time extended above their standard 72 hours. Michael Chan | Australia wide Mortgage Broker Michael@ShapeHomeLoans.com.au | 1300 74 5626 | Fax: 02 8212 8909 http://www.ShapeHomeLoans.com.au Re: Current St George Loan Process Time - A JOKE! 11Aug 08, 2012 10:04 am It's really a joke now with St George. My one they have short valuation around 16k two month back and there reason for short valuation was building cost high per sq. It was absolutely rubbish, we challenge the valuation through our broker with some other tender our broker have for same area with same bank with no problem with much higher cost. But after two month latter they accept our argument but still stick with their old valuation. I lost my time, energy, money to wait for this long saga and except there decision and asked them to go for finish our loan procedure. Only God know how long it will take this time...... Re: Current St George Loan Process Time - A JOKE! 12Aug 08, 2012 10:43 am Shape - Jonmardell mentioned above "if they dont pass first time they can take a long time". I think that may be spot on. As mentioned in my other thread after weeks of waiting our broker asked to see our Income Calculation Worksheet from the assessor. Apparently alot of details entered in (by St George) were done incorrectly - they had our serviceability down at 1.22% (minimum with St George is 1.25%) when the broker re-calculated with the corrected data we sat at 1.75%. I think that's what the main hold up is since the loan was basically rejected by that assessor and then we have to plead our case for it to be reviewed with the correct data (by going to the team leader). Even though it wasn't our fault since we had supplied (and the broker) the correct information in the beginning when we lodged our application Do you know though with St George if once the "entry level" assessor marks for approval recommendation how many people review it again? Is it just once by a senior credit assessor or does it go through another whole chain of assessors? opu316 - we were in the same boat would love to have gone with another lender but because our loan is not a standard home loan we were limited in options. Plus our land loan is with St George already and that would of cost extra $$ to move it. Fingers crossed for you... Re: Current St George Loan Process Time - A JOKE! 13Aug 08, 2012 11:14 am One of the negative for St George is that they do not have ONE assigned assessor per file...it just goes to a team and who ever picks up the file will assess it at that time + when we call their assessment center it goes to a call center operator...most are backpackers, to save on cost - unfortunately another banks are slowly adopting this process as well. So yes if all the docs are there in the format the banks require it's best to get approved at first touch. Michael Chan | Australia wide Mortgage Broker Michael@ShapeHomeLoans.com.au | 1300 74 5626 | Fax: 02 8212 8909 http://www.ShapeHomeLoans.com.au Re: Current St George Loan Process Time - A JOKE! 14Aug 08, 2012 11:55 am Thanks Shape. Our broker mentioned that in our case it probably was a good thing that it was passed on from the first assessor as he was quite narky about his mistakes and the fact that they were brought to his attention...maybe he black listed our file... In any case it would be better to have one assessor follow the file through...seems like every new assessor wants something else (even though the system shows that no documentation is outstanding prior to being moved on) Re: Current St George Loan Process Time - A JOKE! 15Aug 12, 2012 8:18 am Hey guys, If it makes you feel any better I completely feel your pain. WESTPAC kept us jumping thru hoops for 6 months trying to get formal approval, bearing in mind we already had a land mortgage with them (which incidentally took 2months to finalize:(). Anyway after 6 months of hell they DECLINED the construction loan OMFG came the cries from us and our broker...... We then applied to Adelaide Bank and received Formal within a few weeks. no hassle. So build has begun!!!! Dont rule out changing lenders Heidi Re: Current St George Loan Process Time - A JOKE! 16Aug 16, 2012 4:02 pm So after 3 months of jumping hoops for bank of melbourne and getting nowhere, we tried through ANZ. I really didnt want to as I think ANZ are butt pirates. However. Within less than one week our property was evaluated and was bang on the money and we received formal approval. So what I am basically saying is FU to BOM for wasting my time and money. And trust me i will be looking at recouping breakage fees. 2 Re: Current St George Loan Process Time - A JOKE! 17Sep 18, 2012 9:47 am Well since my last post (8th August) we have continued to jump through hoops, supplying more information and assurances that we are good for our loan with every piece of information we supplied we were told "this is the last thing we need until we issue formal approval". After 5 weeks of this we were told last week that "we feel you are too much of a risk". (Even though according to our broker (St George agree) we can service the loan AND agreed to funding the project and not getting our first drawn down until frames were complete and an inspection was made). Fair enough a bank knocks you back, it happens, although why this took 3 MONTHS + I have no idea!! Formal letter of complaint coming your way St George. We are also closing our 5 accounts with them!! Broker is lodging with Westpac this week.... apparently they have one of the best loan processing centres around... hope that's true. Re: Current St George Loan Process Time - A JOKE! 18Oct 02, 2012 8:26 am Just heard on Friday we received unconditional approval from Westpac! Can't believe what took St George 3 MONTHS took Westpac 9 days!! Sweet sweet relief 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 isn't a garage level with the rest of the house a given? pretty sure they 'came around' long time ago. if you have a flat block, the garage is usually level with the rest… 1 17525 2 5925 |