Which banks are doing super fast loan approvals at the moment?
and how long are they taking?
and will they approve it quicker depending on which loan package you take out?
What do you consider fast.
Most lenders offer an electronic lodgement process where all being equal you can get a conditional approval in a matter of minutes subject to providing them with evidence of documentation.
Richard Taylor | Australia's leading private lender
Unconditional loan as fast as possible, I know the norm is 14-21 days but is there anyone that can nail it in 7 days or less?
Preferably a couple of daysYes all depends on lvr etc etc and whether it is a standalone property, requires LMI, internal valuation etc.
Couple of people i can think off but as say depends.
Richard Taylor | Australia's leading private lender
Cba offer 60 min loan approvals. If the manager can approve the deal they then try Internet based valuations though rp data. If you get approved on the spot and rp data supports your Val they can print docs while you are there. You are then ready to book settlement. All at the first appointment.
If it goes to credit add 24 hours, if they need a Val add 48 hours. Anything over and above that comes down to the manager. E.g. If they let it sit on their desk – add two weeks.
Thanks Banker
Richard option 1, 80% standalone,
option 2, put a 2nd mortgage over another property to cover the deposit on the new property, I think This would be my quickist option as I am running out of time? option 1 will require revaluing and then taking the cash out as the deposit on new property
What do you think will be a fast option
My westpac manager can do them in a couple of days – depending if a formal valuation is needed or not
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Anz is instant approval subject to information.
If you are going to take 2nd mortgage with the existing lender this would need to be approved first up so you can evidence funds to complete.
Richard Taylor | Australia's leading private lender
So you have Cba, Westpac and anz all for on the spot approval. Add nab and a few others as well because reality is anyone can get approval on the spot. Only Cba will be able to print contracts there and than at first appointment. Broker Chanel takes longer as they can’t prepare their own loan contracts.
If you take a second mortgage option the lender will need a “deed of priority” from the first mortgage holder / unless you go down the track of a caveat loan. refinance can also take a while as the new lender needs to get the title.
If you are refinancing from a reputable Lender (major or second teir bank) you can potentially get title insurance. This allows the new lender to settle before they have title e.g. You can refinance and have your néw loan finded in the same week as you apply.
Do you need approval only or do you need to settle?
Currently not aware of any conventional lender (not the Dragon has pulled in its horns) who will take a 2nd mortgage.
Also the Deed of Priority will be State based as certainly not a requirement here in sunny Qld.
Richard Taylor | Australia's leading private lender
I have a second mortgage approved and ready to settle. Cba, nab and Westpac all do them.
Cba and Westpac are doing plenty due to their family pledge / guarantee products. The one I have approved is due to the client not wanting to break a fixed loan with another lender. The rates are the same as a first mortgage.
They are not really any faster as you need full credit approval, full valuation etc. The majors will still want a deed of priority regardless of The state as it caps the amount the first lender has entitlement to in foreclsoure.
Sill have to meet all normal lending criteria – no policy waivers. I can’t imagine someone wanting to do a small second by itsself as the return / commission is bugger all. They would also want the new investment loan.
Banker hate to disagree but i have registered dozens of them here in Qld with Anz holding the first mortgage and they have never asked for Deed of Priority.
Richard Taylor | Australia's leading private lender
The first lender won’t know if you lodge a second unless you tell them. It will be the bank taking the second that needs a deed of priority from the first otherwise they won’t know what level of the security is supporting existing debt. Without the DOP a major bank won’t do the second.
I am assuming you are talking about taking a second at a much higher rate. Eg with a non bank lender. Some lenders take a second with no DEP but the banks won’t. These type of second mortgages are more like caveat loans. You won’t get 6%
Hi thanks for all the infomation, What is the interest rate for a low doc loan at the moment in my personal name
Or if I put it in a company instead with full doc and i personaly gaurantee the loan will the interest rate be the same or will it be higher because its a company.
thanks
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