Obviously we are starting out – first step owning 2 properties.
We were told it will take 4-6 weeks to get “unconditional approval”, but need to get things moving before 6 weeks!
We dumped the ‘morgage broker from hell’ and had to re-apply direct – bank already have most paperwork and info and have done valuation on existing property, but was still told it will take 4-6 weeks! What are they doing, scratching their @ss?We also need a deposit bond to purchase our new residential property (our offer accepted – awaiting contract drawing, expected 1.5 weeks away) we dont have time to release equity on other property,. but need bank ‘unconditional approval’ to obtain deposit bond! Bank require contract and up to 5 days to ‘unconditionally approve’!!!
Can someone Please shed some light on these areas ? SHould we seek finance elsewhere? will it be quicker?? how long should it take?
Feels like we are running round in circles!
juststartingout, you may need to name some names ’cause these circumstances are really out of the ballpark…
which bank?
what location?
what sort of property?cheers
brahms
Purveyor of Fine Finances
aka Mortgage Broker Brisbanehi brahms, not that i like to name drop;
bank -bankwest
purchase property – rural residential 18 acres 4 brm house nsw.sorry i didnt include them earlier
eeeek….i like a challenge..i think, wankbest in nsw for an acreage job – if i dare ask one more question…is it near a big town/city/zoning?
cheers
brahms
Purveyor of Fine Finances
aka Mortgage Broker BrisbaneAn unconditional shouldn’t take that long. All they need is a valution, then a few days after that they usually issue the full approval. Strange
Terryw
Discover Home Loans
Parramatta
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Hi,
Condolences on dealing with the same bank that we have had considerable delays with in the past as well. However have also faced delays with others too. The trouble seems to be they are overrun with applications which require multiple inputs from different people in different departments and no one person is responsible for the outcome. I’ve found it helpful to establish a relationship with one person in the bank that I can actually ring and speak to. They don’t always have the knowledge or the answer , but putting pressure on them can sometimes help produce a quicker result.We have also used different mortgage brokers. Just because one can’t find a good deal doesn’t mean another can’t either.
Good luck
jebro
Any ideas on how we can arrange the deposit?
You can organise finance with someone else in a matter of days, you only need an approval subject to valuation to get a deposit bond.
regards
[email protected]
HQ Homeloans
Mob: 0402 BROKER4-6 weeks my they must improved their service levels recently then.
I would be dropping BW and moving on. With the right Bank conditional approval will take a matter of days only.
I did a loan last Saturday afternoon for an interstate client and the mortgage documents were sent out this Tuesday. it all boils down to the Broker and their relationship with a lender.
Make sure you set yourself up properly in the first place otherwise you will spend the next few years regretting your choice of lenders and will cost to undo everything and start again.
Richard Taylor
Residential & Commercial Finance Broker
**Lodoc Commercial loans from 7.39%**
Licensed Financial Planner
Ph: 07 3720 1888
[email protected]Richard Taylor | Australia's leading private lender
If we drop BW, we will miss out on this property, as we simply dont have the time now to apply elsewhere, maybe we should walk away and get ourselves setup better, this started in Janurary with our broker from hell, my husband is getting fed up and I just want to buy my new property and relocate !!
BW have lousy customer service, after calling them. the person doing our loan was sick so left message for her to call me, she didn return the call, so i ring again two days later and she doesnt work today! GREAT
I did ask, and they confirmed that one of our loans have ‘conditional approval’ took 4 days, once provided with copy of contract, they will arrange valuation and it could be further 4/5 weeks till ‘unconditional approval’
Juststartingout
I think you could a lot better in customer service, product and overall package with someone other than BW.
Better to miss out on this property and get it right from the start so it will not have an effect on other future purchases.
I promise you not all mortgage brokers eminate from hell.
Richard Taylor
Residential & Commercial Finance Broker
**Lodoc Commercial loans from 7.39%**
Licensed Financial Planner
Ph: 07 3720 1888
[email protected]Richard Taylor | Australia's leading private lender
I would dump BW. Technically if you dont get this property, you have lost nothing. Theres plenty of opportunities out there. At least now you know the standard that you want and can improve on that. Best to get setup correct first time round, esle is expensive exercise fixing later!! (trust me).
I would say waiting longer than one week for unconditional approval, is unacceptable. I recently walked into my local branch, applied for a loan, informed her i needed unconditional within the week, and it was done. (I have two other loans with this bank) I deal with the same Home Loan manager every time.
ITS ALL ABOUT RELATIONSHIPS. (And she knows damn well if I didnt get it in one week, the business went elsewhere)Thanks stuck-at-two, ive been recently thinking along the same lines, we will have lost less than $1k in incidentals i hope, BW seem to have conflicting information everytime i contact them, and they blame another department when i question why things are taking so long, in a week we will loose the sale – is there anywhere on this site pointing to other finance recomendations? I dont want this to happen again, id rather be happy and deal directly with one person., for and into the future! Have you also had experiences with BW?
Havent delt with BW before. But I know how you feel with conflicting information. If I call the “mortgage centre” for the bank i deal with, god forbid I rip my hair out. None of them no simple policies on little things like applying for “maternity leave” on a loan. getting a bit of the topic, but over the passed 2 years I think i have applied for every feature on my loans, from maternity leave, fixing portion of the loan, delayed payments, loan top up etc, but theres nothing like delaing directly with one person. Thats the best advise I can give. Be reasonable, but frank, and 99% of the time you will get what you need. (1k loss is not to bad, but hey, in saying that “a loss is a loss. Im sure you may be able to claim the loss in your end of year return!!) Good thing is your in a position to negotaite as your not committed. Go and see 2-3 lenders. (brokers and banks) Face to face. You will know who is there to help, and who is there to get your money. Besides the more people you speak to, the more knowledge and confidence you gain. My moto is always “nicely” push the boundry.
Hmmm, I have to wonder did that Broker even submit the deal to BW? I have never in my time found their service to be poorly I Submitted one at 1800 Thurs and it was U/C the following Monday with docs out to the client within days of that. I guess it does come down to who’s pushing the buttons.
I have also managed to come up with an U/C approval in 4hrs from another lender who didn’t require a val (different circumstances though).
The best advice is shop around. Find someone who can get the job done. Oh and is the property still on the market? It may not be too late if you really want it…
Best of luck.
Stuart Milne
Non-Conforming Specialist
READY Mortgages
http://www.readymortgages.com.au
[email protected]
Mob: 0404 056 055
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