Browse Forums Home Finance 1 Sep 03, 2014 7:26 pm I'm starting to get a bit annoyed with my mortgage broker but I'm not sure if I'm just being impatient or not? Basically I contacted her as we used her before for our mortgage 6 years ago, now we are looking at a knock down rebuild and need to get our finances organised. I sent her all our paperwork, payslips and bank account statements etc etc on the 24th of July. Waited and waited and had no reply so emailed her again the 8th of August (so I waited 2 weeks then) got a reply then saying she was busy and was onto it. Then I emailed her a week later, no reply, another week later, no reply, then I emailed her August 23 with a copy of the deposit we made to hold a promotional price with our home builder. So this is a full month after I first sent her all the paper work. Then she replied and asked for a few more papers which I sent that night, and now 10 days later I've still heard nothing???? Is that normal. I sent her another Email yesterday asking where we are at and no reply??? It's been nearly 6 weeks all up. Re: How long should a response from a mortgage broker take? 2Sep 04, 2014 12:12 am Hi Jessicana10, For an unconditional approval, documents such as building contract, plans, permits are needed. If you have provided them to your broker, then there is really no excuse for her to take 6 weeks and still not have done anything, even accounting being "busy". Has you broker done anything at all, like advised through which lender to put the application through, etc? Cheers Tom Re: How long should a response from a mortgage broker take? 3Sep 04, 2014 12:24 am I spoke to my broker every day in the beginning and then had a 4 day break before we were in emailing again, I would be finding a new broker after that long! If she is that busy she shouldn't be taking on your job. Our build thread: https://forum.homeone.com.au/viewtopic.php?f=31&t=70984 Re: How long should a response from a mortgage broker take? 4Sep 04, 2014 7:33 am I agree with the above. For approval in principle ours only took a couple days once they had all the paper work (an applicaiton, a few bank statements, payslips and a copy of land rates). For unconditional approval they also needed a full set of DA approved plans, the contract and a copy of the Home Owners Warranty certificate - again this only took a few days to come through, then a further week to get the letter of Authority to Commence construction (although was told that a week was a bit longer than it normally took them). At the stage you are describing I think you are just looking for approval in principle and to get some information on the loans that are out there. Given the amount of time she has taken and also just to make sure you are getting a good picture on some of the loans that are available at the moment I'd be contacting another broker, you don't have to proceed with them and given it is a big decision it does make sense to do a bit more shopping around. FWIW I actually spoke to a few brokers and was told by two that during the construction period its always a variable rate, that you cannot make extra repayments, you cannot have a redraw facility, you cannot use an offset account etc yet I have all of these facilities with my current loan. Many brokers have access to the same products because they use the same aggregators so sell you the same line but if you shop around enough you are bound to find something that is exactly what you want. Also - and this just my experience - many brokers in established areas aren't too familiar with construction loans, they often need a bit of time so consider brokers in newly developed areas that have plenty of experience with construction loans. Best of luck. http://camdenbuild.blogspot.com.au/ by invite only please pm me Re: How long should a response from a mortgage broker take? 5Sep 04, 2014 2:47 pm Thanks for your replies, She did indicate at the start that she was doing a construction loan for someone already just around the corner from us so she will try to do the same thing for us, I don't think she really has much of an idea of what she was doing and so far has only really been looking into the bank that our current loan is with. I have still had no reply from her so I think its time to move on. Its a bit frustrating now as all our demolition quotes and info I have ie: current bank statements and payslips are already 6 weeks old, ill have to update it all now and start from scratch. oh well. Re: How long should a response from a mortgage broker take? 6Sep 04, 2014 4:17 pm You just need to be aware that the valuation for your build will be a tad different to the standard land and construction. As there is a dwelling already on there the lenders valuer will try to work out a market value for the land assuming no house on it, and then add the construction costs. So if you already have a loan on the existing property then it may effect your LVR. Cheers Tom Re: How long should a response from a mortgage broker take? 7Sep 04, 2014 6:09 pm Do u know how they value land? I don't think they can go by recent sales as a quarter acre block in my area is as rare as hens teeth. Would they go by the site value on the rates notice? that's what she has asked me for. Re: How long should a response from a mortgage broker take? 8Sep 04, 2014 11:15 pm The valuer instructed by the lender will try to somehow do it off comparables for that area. They definitely won't be doing it via the rates notice. That would have been provided to show that you are the owners of the property. Cheers Tom Re: How long should a response from a mortgage broker take? 9Sep 05, 2014 3:00 am jessicana10 I'm starting to get a bit annoyed with my mortgage broker but I'm not sure if I'm just being impatient or not? Basically I contacted her as we used her before for our mortgage 6 years ago, now we are looking at a knock down rebuild and need to get our finances organised. I sent her all our paperwork, payslips and bank account statements etc etc on the 24th of July. Waited and waited and had no reply so emailed her again the 8th of August (so I waited 2 weeks then) got a reply then saying she was busy and was onto it. Then I emailed her a week later, no reply, another week later, no reply, then I emailed her August 23 with a copy of the deposit we made to hold a promotional price with our home builder. So this is a full month after I first sent her all the paper work. Then she replied and asked for a few more papers which I sent that night, and now 10 days later I've still heard nothing???? Is that normal. I sent her another Email yesterday asking where we are at and no reply??? It's been nearly 6 weeks all up. I would move on to another broker. I've just had a horrendous experience where it has taken 2 months to refinance and move to another bank. The broker didn't help at all, not providing correct instructions which resulted in me signing paperwork incorrectly twice. Next time I re-finance, I don't think I will use a broker at all. Too much stress. Re: How long should a response from a mortgage broker take? 10Sep 06, 2014 5:28 pm Anything more than 1 days with no reply is horrible customer service...the min should be at least an update on time etc... We live in fast pace world and everyone is busy, so really no excuse....understand the possible delay but lack of communication is a diff story. Basics of Customer service. Have you done your color section yet? ie is it the final contract with all the variations in place? Last thing you want is to go back and fourth with your builder while your loan is being approved. Michael Chan | Australia wide Mortgage Broker Michael@ShapeHomeLoans.com.au | 1300 74 5626 | Fax: 02 8212 8909 http://www.ShapeHomeLoans.com.au Re: How long should a response from a mortgage broker take? 11Sep 07, 2014 12:02 am Adding to my post, my broker had us with unconditional finance approval in 2 weeks, we didn't have prior pre-approval either. I am in Perth so not sure where you are but if you like PM me and i'll pass on details, he replied to all of my emails within 5 mins. Very efficient. Our build thread: https://forum.homeone.com.au/viewtopic.php?f=31&t=70984 Re: How long should a response from a mortgage broker take? 12Sep 08, 2014 7:31 pm There is no excuse for not responding to you. If it is the lender who is holding things up then a quick call can tell you that. If it is the mortgage broker that is holding things up they should give you a good reason why or you should just go elsewhere. Re: How long should a response from a mortgage broker take? 13Sep 10, 2014 1:06 am I'd ditch her and move on too. My broker answers all my emails pretty much straight away, bless her as I have been a little bit of a pest I think, been keeping in contact for the better part of a year and she hasn't missed a beat. 1 13123 Broker here - legislation says that every true broker must put the clients best interests before theirs so in theory they must offer you the best options for you on their… 2 46012 Hi Mofflepop, I would recommend finding a building designer to prepare plans, they should design to your specified budget. The benefit is you can tender the project out… 9 20411 |