Browse Forums Home Finance Re: Standard loan turn around time? 43May 22, 2009 11:40 pm [quote]Anyone waiting on formal approval from Homeside (nab)? We were originally told 6 days from our broker, its now been a month. I feel we're really pushing it now with the land estate, as we've just asked for our 3rd extension. Hopefully they grant us extra time because we really want the land but cant go unconditional until we get the formal approval. We keep harrassing the broker every 2nd day and he's aparantly doing everything he can. Wish there was something we could do to speed the bank up! Guess the land estate agents are getting the same deal with all sales at the moment though?[quote] We just had our land approved with Homeside NAB last week. Took 3 weeks to get final, we still had to get 2 extensions due to developer taking ages to issue the contract. It took 21 days to get the land contract which I couldn't submit my mortgage ap with out. Once I have a building contract in a few weeks I can go through the whole merry go round again. Then because my land wont be registered before the last date to settle in my land loan contract. I will get to go through it again for the third time. Cant Wait , Soon the bank will have enough of our payslips to wallpaper my new house Min Building at The Ponds Land reg 3/12/09, Land settled 18/12/09 Approved by Design Panel 16/11/09, Submitted to council 24/11/09, Approved by Council 21/1/10 Site Start 21/5/10 http://andyminpondsbuild.blogspot.com/ https://forum.homeone.com.au/viewtopic.php?f=31&t=19800 Re: Standard loan turn around time? 44May 25, 2009 11:13 pm playhouse thlo I have first home buyers who can't wait to go ahead, but after the very recent changes suddenly they don't qualify or can't borrow the amount they need as banks and insurers have cut back on borrowing capacity as well. That's very unfortunate to hear. What do you think they have to do now thlo? cancel the loan or apply for another financing institution?..I'm quite worried..thanks.. They were all at pre approval stage so they are not at risk of losing any deposits but it's heart breaking for them. There are alternative lenders but borrowing capacity has become an issue recently due to rule changes. Re: Standard loan turn around time? 46May 26, 2009 8:28 pm [quote]Anyone waiting on formal approval from Homeside (nab)? We were originally told 6 days from our broker, its now been a month. I feel we're really pushing it now with the land estate, as we've just asked for our 3rd extension. Hopefully they grant us extra time because we really want the land but cant go unconditional until we get the formal approval. We keep harrassing the broker every 2nd day and he's aparantly doing everything he can. Wish there was something we could do to speed the bank up! Guess the land estate agents are getting the same deal with all sales at the moment though?[quote] We just had our land approved with Homeside NAB last week. Took 3 weeks to get final, we still had to get 2 extensions due to developer taking ages to issue the contract. It took 21 days to get the land contract which I couldn't submit my mortgage ap with out. Once I have a building contract in a few weeks I can go through the whole merry go round again. Then because my land wont be registered before the last date to settle in my land loan contract. I will get to go through it again for the third time. Cant Wait , Soon the bank will have enough of our payslips to wallpaper my new house Min We have given up on Homeside. We've been waiting nearly 5 weeks now for something that should have taken 6 days! We were told by our mortgage broker that CBA would be better but we couldnt go with them because we need a 95% loan and they only do 90%. However we learnt last week that they do upto 97% lending for people with either a personal loan or credit card with CBA, which i have both. We actually applied with CBA last thurs afternoon and had unconditional approval on monday! So it took only 2 business days! Compared to Homesides 24 and counting. We've also learnt from all of this that mortgage brokers are a waste of time, in our case anyway. Just glad we've got the land secured. Now we can work on getting the house contract ready for signing first week of july. Building Sahara 27 with Aaron J Re: Standard loan turn around time? 47May 27, 2009 4:24 pm novotel Hi Thlo, May i know what recent changes is this about borrowing? I'm concern as my land contract doesn't have a clause that says subject to finance. I've sent you PM. Re: Standard loan turn around time? 48Jul 05, 2009 1:07 am Hi everyone, I am new to this forum and have only found out about this forum after reading some recommendations from other people. Does anyone know or have experience with Bankwest? We have put in an application with them through a broker about 2 weeks ago and are still waiting to hear from them? They have requested for us to pay a fee if we want to hold the fixed rate till settlement, which we did. To us it sounds like the bank is ready to approve it or else they would not have asked for that payment. Any opinion will be appreciated. Thanks. Re: Standard loan turn around time? 49Aug 17, 2009 11:37 am Im with Bank West also and am waiting for approval. We already have approval for the land just waiting on the construction we have been waiting 4 weeks so far and am going to call the broker today. I Would also be interested in hearing how long people have been waiting for unconditional approval. Re: Standard loan turn around time? 51Sep 01, 2009 12:42 pm Took only a few days to get our contract from Stockland. We had a 30 day finance clause on a 45 day contract. Took a full month to get unconditional finance from CBA. And that was only because our broker was harassing the crap out of them on a regular basis Took 1 week to get our contract from the builders from the time we paid our deposit. PJ Burns we love you!! Still cant work out though why they have to take something that could be totally simple and make it ridiculously complicated! Re: Standard loan turn around time? 52Sep 01, 2009 10:07 pm We can all thank the Fhog Boost for the delays. It has been very successful in heating up the market. Re: Standard loan turn around time? 53Sep 02, 2009 10:26 am ANZ took a total of 3 business day to approve my land contract unconditionally (after they receive contract). They did told me NOT to sign it until they approve it. and another 3 business day to approve my building contract also unconditionally (after they receive contract) same story. Both time the mortgage consultant called me personally on my mobile to let me know of the news. I was WOW'ed by the service until i realise i just signed my life away with them.. Then they say they'll wait for me until i give them cue to send me the letter of offer since i was waiting for the land subdivision etc etc. When the land people gave me a settlement date, I notified ANZ and they sent me all the mortgage documents within 5 working days. I sent it back to them within 10 days (LOL - slack). Settlement for land gone ahead smooth sailing no problem. This is all happening in June-July-August, it only took so long because the land was not titled yet. They have been spot on everytime with me. I also went solo and didn't use a broker because i don't know anyone in this area but i don't think that makes a difference. I wish i have someone to do it for me. home loan turn around time 54Sep 02, 2009 5:18 pm Yes that's what I heard too. ANZ is rather quick these days but deposit requirements are rather tight. Re: Standard loan turn around time? 55Nov 11, 2009 2:13 pm I'm hoping someone here can help me. We are in the process of applying for our loan with Bank West. We have been conditionally approved 3 weeks ago. The broker just told me that we wouldn't get unconditionally approved until the land settles, as the bank needs the title particulars?? Does this sound right, or is the Broker making excuses because he has been slack? im really starting to stress right now! Re: Standard loan turn around time? 56Nov 12, 2009 12:03 pm Charlene I'm hoping someone here can help me. We are in the process of applying for our loan with Bank West. We have been conditionally approved 3 weeks ago. The broker just told me that we wouldn't get unconditionally approved until the land settles, as the bank needs the title particulars?? Does this sound right, or is the Broker making excuses because he has been slack? im really starting to stress right now! This doesnt sound right, but I'm not sure as I went with CBA. But we got our loan unconditionally approved before the land settled. However, the bank did need some form of paperwork from the developer which they were able to get. So i dont think its' got anything to do with titlements. I'll try and find out what doc the bank needed from the developer for you when i have time. Idiots are fun, that's why there is one in every village! - Dr. House - Re: Standard loan turn around time? 58Nov 12, 2009 2:04 pm Yes you can have unconditional before land settlement. Recently I had one before even the developer registered the land under its own name, let alone settlement. Re: Standard loan turn around time? 59Nov 12, 2009 4:00 pm I just found out what the bank need from us to unconditionally approve the loan. All they wanted was the registered plan of sub-division. hope that helps Idiots are fun, that's why there is one in every village! - Dr. House - Hi, looking at house plans and not all of them have any mention of a driveway or even air con. So, is the 'from' price just the house in those cases? Can a house be built… 0 12105 If it was just dripping id say washer, had a fare share of these done by plumbers being a property manager.. but if its going full blast, it could be a little more with… 1 6013 What we have done in a few theatres ( including my own) is run 2 layers of 13mm gyprock, but sounds insulation especially for the bass is really tricky as a lot of that… 4 8152 |