Just thought I would share this with you broker colleagues.
So I sent in a deal to the bank currently running the 4.69% campaign and 48 service level guarantee (now 4 days). Deal was 80% LVR, $700K refinance. Pretty straight forward one applicant PAYG main earner and the other was a SE lawyer which was the only slightly complex thing about it but nothing to too unusual there.
I was always a bit suss on this guarantee as they have so many asterisks and weasel clauses that you have to take with a grain of salt right. So anyway I sent in the deal and made sure it was 100% clean documentation wise as I wanted to test the guarantee.
Timeline:
* Valuation done upfront a few week ago.
* Submitted application and supporting docs on Tuesday morning.
* Back channel message Friday afternoon - conditionally approved. No email from file owner saying what conditions were.
* Monday - unconditional approval.
So seeing as they didn't ask for any further information and it took them at least 3 and bit working days to pick up the file (Tuesday - Friday), I was sure was going to qualify.
* So I email my bdm but he says he is too busy and it was only 1 day over can I just let it go? Umm no is my response don't make the claim if you cant back it up. Pretty typical for him. Lazy and thinks he is a good BDM. Really a failed broker with no clue.
* Next step I email the back office and got a response just now. "It doesn't qualify because it was referred to credit". This is even though they didn't ever ask for anything further and it took over the 48 hours to be picked up.
One word WEASELS! I don't care about the $500 I just hate that they can get away saying that they are inside the 48 hours to us when they are really not. This lender also markets to brokers that you get talk to real credit assessor / decision maker which is also not true. Most all my deals get up lined to the real credit people who we can't talk to. They must really think we are really dumb.
So I sent in a deal to the bank currently running the 4.69% campaign and 48 service level guarantee (now 4 days). Deal was 80% LVR, $700K refinance. Pretty straight forward one applicant PAYG main earner and the other was a SE lawyer which was the only slightly complex thing about it but nothing to too unusual there.
I was always a bit suss on this guarantee as they have so many asterisks and weasel clauses that you have to take with a grain of salt right. So anyway I sent in the deal and made sure it was 100% clean documentation wise as I wanted to test the guarantee.
Timeline:
* Valuation done upfront a few week ago.
* Submitted application and supporting docs on Tuesday morning.
* Back channel message Friday afternoon - conditionally approved. No email from file owner saying what conditions were.
* Monday - unconditional approval.
So seeing as they didn't ask for any further information and it took them at least 3 and bit working days to pick up the file (Tuesday - Friday), I was sure was going to qualify.
* So I email my bdm but he says he is too busy and it was only 1 day over can I just let it go? Umm no is my response don't make the claim if you cant back it up. Pretty typical for him. Lazy and thinks he is a good BDM. Really a failed broker with no clue.
* Next step I email the back office and got a response just now. "It doesn't qualify because it was referred to credit". This is even though they didn't ever ask for anything further and it took over the 48 hours to be picked up.
One word WEASELS! I don't care about the $500 I just hate that they can get away saying that they are inside the 48 hours to us when they are really not. This lender also markets to brokers that you get talk to real credit assessor / decision maker which is also not true. Most all my deals get up lined to the real credit people who we can't talk to. They must really think we are really dumb.