Browse Forums Home Finance home loan advice, valuation, approval time frame 11Nov 25, 2008 12:58 pm Cleishy A good broker will get you a better deal than you would by dealing directly with a bank. The 3 Rules A good broker gives good and timely advice. A good broker gives the support the customer needs A good broker never lets the lender take its time PrincessB ... giving the fact that the sale could fall over because he has been slack with paperwork etc then will be loosing at least $1150 anyway.. PrincessB, I know in Queensland you have some serious penalty issue if you can't complete on time. I am glad you sorted it out. It was obvious from your first post what you were going through. The bank probably requested further info from the broker and he didn't get it back to them quicksmart. Files usually don't just sit there for weeks for no reason. It's very important that next time you find a broker based on recommendations form other customers. Re: How long does it take? 12Nov 25, 2008 1:51 pm He was recommended to us by a friend- guess he hasnt been on the ball this time.. fingers crossed we can get this over the line by 3rd Dec!
I will keep in touch with the bank myself if I have too home loan advice centre, home loan approval 13Nov 25, 2008 2:21 pm PrincessB Thanks for your replies, much appreciated. I started to PANIC when I read your post, because that’s what I feared!! Had tried to call my broker for 3 days, sent 2 emails no reply.. Next time.. I think I would prefer to deal with Commonwealth direct! This sort of thing happens with bank in house lenders as well You just have to read the other discussions here on this forum. So i wouldn't rush out to get a loan direct from the lender. At least with a broker you had a fall back position, call the bank's call centre direct. You can't deny the other services he provided for you, probably at home service, 7 days a week, comparing lenders, collecting your paper work, preparing your application... Re: How long does it take? 14Nov 27, 2008 10:50 am I have an update.. valuation is being done on the investment property today 12pm.. asked how long after the valuation is done till they get back to the bank, they said not sure..
Any ideas? Finance is due 3rd Dec and I'm stressing! Re: home loan advice, cross collateral home loan 15Nov 27, 2008 11:50 am thlo Wingies I'm afraid in home loans no news is bad news (within the time lines already discussed). Not so with our experiences.... With the last established house we bought.. we were waiting on finance.. down to the last minute before the bank closed.. and still it did not come.. We were already refused an extension (the bank had taken soooo long to get our paperwork through, and we had heard nothing from them..), so then we realised we had lost the oportunity to purchase.. and the costs that that involved! One hour after closing time... we received our approval!!!! We were stunned.. but very happy -Sha home loan advice, home loan 16Nov 27, 2008 12:10 pm PrincessB I have an update.. valuation is being done on the investment property today 12pm.. asked how long after the valuation is done till they get back to the bank, they said not sure.. Any ideas? Finance is due 3rd Dec and I'm stressing! 3 days is the turn around on valuation reports generally (from the time of ordering them) unless access to the property is delayed, but can be rushed with the input of your broker. home loan advice, home loan approval 17Nov 27, 2008 12:45 pm sha thlo I'm afraid in home loans no news is bad news (within the time lines already discussed). Not so with our experiences.... With the last established house we bought.. we were waiting on finance.. down to the last minute before the bank closed.. and still it did not come.. We were already refused an extension (the bank had taken soooo long to get our paperwork through, and we had heard nothing from them..), so then we realised we had lost the oportunity to purchase.. and the costs that that involved! One hour after closing time... we received our approval!!!! We were stunned.. but very happy -Sha Do you mean 4pm (or 5pm) as the closing time? Loan processing centres work until 10pm (and on the weekends when they are busy) so you can have your approval in the middle of the night (that's if your loan consultant or solicitor is working at that hour to give you the news). I regularly receive my customers' approval after hours and ring them up with good news immediately. CBA assessors sometimes call me at 9PM to discuss applications. I open up the file and discuss with them as this saves customers 24 hours and the approval is granted without delay. Update 18Dec 05, 2008 11:20 am Hi All,
Thought I would post an update for anyone else in my situation. Still not an unconditional yes from the bank (CBA). Had to ask the seller for a 2 day extension that ending at 5pm TODAY. My situation is Purchase price $590k I have 35k cash deposit I have 20K for mortgage insurance, stamp duty, legals etc Salary $130k pa Using investement property valued by the bank at $400k as extra security (200k there) Now I have a 'conditional' approval subject to a valuation on the house I want to purchase, that was done at 7.30AM this morning.. bank said they will let me know at lunch time if its ok.. apparently if the Val is less than purchase price I need to make up the difference, which I cant do... This is really frustrating- what more do they want from me, seriously? Lets see what happens.. Been 23 days.. K Re: How long does it take? 19Dec 14, 2008 9:23 am yes I would say you have a problem we had a problem with our broker who tried at two banks to get us aout of our building loan and we had about $250,00 equity they both said no have jump through all there hoop he did keep us infromed when to a new broker very helpful person approval same day with cba . one bank even had our pay go into it for 0ver 10 years so close that account. the broker even got us more money and ring even couple of months to see how we are going 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 21973 Congratulations! Nice to put that to bed before christmas, now you can relax 3 7630 What? It's a lighting question, the control joint is only needed at 12m centres, a bulkhead or change of direction will suffice as a 'break' in the ceiling, just make… 8 8987 |