Just a heads up AMP are incredibly slow at the moment.
AMP turn aroud times
- Thread starter Marty McDonald
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- amp turnaround times
With or without LMI?
Submitted last Monday, conditionally approved today. Takes that long to get in front of an assessor so I don't think it matters if LMI or not.
This one is 90% inclusive
This one is 90% inclusive
Sometimes you can....but some of them are pretty dumb.
Usually not quite that simple, but occasionally it's possible.
Most lenders will allow you to call their support number and can transfer you to the assessor. Often you won't reach the actual assessor and thus request your call to be returned. Usually this works okay but the wait can be anywhere from an hour or two to a day or never.
A few lenders won't give you any access at all.
The argument for access is obviously that if clarification is needed on a file, the broker can have a conversation so both ends can understand what's required. The argument against is that lenders want their staff to be assessing deals, not dealing with constant phone calls.
My preference would be for assessors to be available for a direct call during a published time period, this would balance out both ends of the scale.
Having said that, at least AMP are up front about it and you can choose.
Its where some lenders go from 2 days to 6 days "overnight" that I really struggle to contain my argggggggggggggggh
ta
rolf
Its where some lenders go from 2 days to 6 days "overnight" that I really struggle to contain my argggggggggggggggh
ta
rolf
Anyone else remember late 2009 (I think), when it took 30-45 days for them to even pick up a file?
Nope that's what happened here. I was quoted 3 - 5 days which really has me annoyed.
I played by their rules too everything upfront including val so waited 5 days for that before submitting, now another 7 days to get looked at. They just want it all their own way don't they, perfect deals with no missing info. What about holding up their end of the bargain.. Next time I will send in while waiting for the valuation to be returned stuff them..
I played by their rules too everything upfront including val so waited 5 days for that before submitting, now another 7 days to get looked at. They just want it all their own way don't they, perfect deals with no missing info. What about holding up their end of the bargain.. Next time I will send in while waiting for the valuation to be returned stuff them..
I find most assessors pretty much ok, even at AMP.
I have issues with the WBC style "ivory tower" of credit where no mere human gets to speak with them -theymight be held accountable for some of the silly outcomes
ta
rolf
I remembering it happening not too long ago when they were one of the first to drop their 2 or 3 year fixed rate. They couldn't keep up with the demand.
Cheers
Jamie
It was far worse than that. In 2008-2009 the banks sacked and consolidated a lot of their staff through cost cutting and mergers/aquisitions in the GFC.
In early 2009 the rates were cut, then mid 2009 the property market was in recovery. The banks were hungry for business again given that money was starting to flow, but they had no staff to deal with the demand. It literally took a month for them to even start looking at a deal.
One might say hilarity ensued, but it really wasn't.
We'd get a contract, ring the agent and tell then that the 1 week finance clause was going to be 5 weeks and the 45 day settlement period was going to be 60 or 90 days. Solicitors were initially blaming the brokers brokers, but when it happened to every loan across every bank, they started to catch on.
Yes, I know all about this.
About to submit an increase with a loan restructure (uncross x coll).
Looks like it may go to the bottom of the pile
A nother
M onth
P lease
Looks like it may go to the bottom of the pile
A nother
M onth
P lease
Tuesday application first picked up today.
Guess a lot of people are liking the sharp rates.
Guess a lot of people are liking the sharp rates.
does this slowness for AMP include SMSF loans as well?
