AMP turn aroud times

[Marty McDonald]

Dragon and bankwest consistently the worst 2 lenders in service since the gfc.

Makes you think they are trying to do business with their hands tied behind theirs backs now that they are both owned by other banks. They have lost their way. Sales should be reversed by accc.

 

[Qlds007]

Put in 9 SMSF deals with AMP this month including one for myself and Yes 6 days to pick up a file and not improving on that.

They are working Saturday and Sunday to try and catch up but don't seem to be making any inroads. Always good when Credit ring you on a Sunday and they are not calling from Mumbai.

Thankfully they do SMSF pre-approvals which helps and means you can submit the deal fairly quickly once you have the contract and valuation in hand.

Still agree it is not good but thank god not like dealing with the Dragon.

Went grey waiting them to come back to me and can't seem to go back to my original hair colour .......

 

[Spectre]

Bradsdad
we just pulled a client out of AFM - took two weeks to recognise the discharge was there and three weeks to get the release effected to the new lender.
I wouldnt sit on it.
Unless you're doing a rapid refi.

 

[jonmardell]

we should have dashboard for each lender

An aggregator i was with a few years back used to update a traffic light system with green being at SLA, Orange up to 3 days outside of SLA and red use at your own risk!!

 

[Mamaof3]

Ahhhhhh yes can totally relate to this at the moment......I think we're at the 3 or 4 week mark now (lost count) and finally got approvals today...

Let see how long docs take to be issued. One thing I'd never heard before was they offered to escalate the mortgage docs for a fee of $55 and when asked how much quicker this means my docs can be produced he didn't know!!!...what the?? So i'm taking the gamble and just waiting on the 'normal' turnaround time which has been quoted as 3-4 days

 

[jonmardell]

Ahhhhhh yes can totally relate to this at the moment......I think we're at the 3 or 4 week mark now (lost count) and finally got approvals today...

Let see how long docs take to be issued. One thing I'd never heard before was they offered to escalate the mortgage docs for a fee of $55 and when asked how much quicker this means my docs can be produced he didn't know!!!...what the?? So i'm taking the gamble and just waiting on the 'normal' turnaround time which has been quoted as 3-4 days

I received the email yesterday saying credit was at 4.72 days for applications with no rework. The $55 fee allows docs to be emailed so you save a couple of days on postage

 

[Redwood]

Put in 9 SMSF deals with AMP this month including one for myself and Yes 6 days to pick up a file and not improving on that.

They are working Saturday and Sunday to try and catch up but don't seem to be making any inroads. Always good when Credit ring you on a Sunday and they are not calling from Mumbai.

Thankfully they do SMSF pre-approvals which helps and means you can submit the deal fairly quickly once you have the contract and valuation in hand.

Still agree it is not good but thank god not like dealing with the Dragon.

Went grey waiting them to come back to me and can't seem to go back to my original hair colour .......

I was at a presentation with AMP exec, lets say someone very senior.

He told me about the 'customer experience', and how AMP needs to improve on this. He saw this first hand when his loan application was 'misplaced', after 4 weeks it could not be found.

I should disclose I used to work for AMP, however, they are fast growing, especially with the Super Edge product, and are getting better. I have many stories, which will make your eyes water and cringe, which unfortunately I cannot post.

They offer fairly good rates and I am using them more and more for my clients, as someone mentioned, pre-approval is important.

 

[Colin Rice]

The $55 fee allows docs to be emailed so you save a couple of days on postage

You would think this would be free of charge as it saves the bank money?

Some lenders do it already upon request and I predict many more will implement this method of delivery in the future.

 

[Qlds007]

Redwood the same AMP exec was at a conference i attended in Queenstown the week before last.

He saw it first hand when i told him they had lost my SMSF Trust Deed on 3 separate ocassions.

In fact they were so concerned they flew me down to Sydney last week to show me some of the improvements coming. Still doesn't make it any easier for a client when finance and settlement time frames are involved.

 

[Redwood]

Redwood the same AMP exec was at a conference i attended in Queenstown the week before last.

He saw it first hand when i told him they had lost my SMSF Trust Deed on 3 separate ocassions.

In fact they were so concerned they flew me down to Sydney last week to show me some of the improvements coming. Still doesn't make it any easier for a client when finance and settlement time frames are involved.

Cheers Richard, good and bad I say, many employees were actually surprised how frank this guy was abt his 'experience', and he is not alone. Assume they put you up at a good hotel?

The settlement times are a major concern at many banks, one of my clients is pulling his hair out with a Bank of Melbourne loan now, so confusing with St George ?. BOM, the clowns actually lost the mortgage docs and asked my client to re-sign the docs. Problem was he is at a family funeral in NZ, yet the client is paying $130 a day penalty interest. So much for the customer experience, it is real sad, as no matter what, this poor customer experience effects my service to the client also.

 

[RetireRich101]

Amp smsf

Currently doing 2 SMSF properties with AMP...and is making my hair turn grey

I was attracted to AMP by their offset account, but they require personal guarantors even for corporate trustee setup. I was ok with that, but they also required "independent legal and financial advice" in a written certification format. The independent legal advice can not be the same conveyance/solicitor you used for the property purchase. So it cost me $600 for the independent legal advice and $200 for the financial advice certificate..

My Solicitor tells me that Westpac and Citibank though suggest independent legal and financial advice but does not enforce you to do so..

If you ask me again about AMP, I would think twice for such this headache.

 

[Redwood]

Currently doing 2 SMSF properties with AMP...and is making my hair turn grey

I was attracted to AMP by their offset account, but they require personal guarantors even for corporate trustee setup. I was ok with that, but they also required "independent legal and financial advice" in a written certification format. The independent legal advice can not be the same conveyance/solicitor you used for the property purchase. So it cost me $600 for the independent legal advice and $200 for the financial advice certificate..

My Solicitor tells me that Westpac and Citibank though suggest independent legal and financial advice but does not enforce you to do so..

If you ask me again about AMP, I would think twice for such this headache.

2 SMSF properties at once is a huge headache in itself.

The advice you are mentioning should not cost you $800, someone is overcharging you mate.

There are many better options than AMP and I must disclose I used to work with AMP, anyone that has settlements overseas I will not deal with, recipe for disaster. If they are residential properties try La Trobe, their rates are the best around at 5.6% - cheaper than AMP and a smoother process. Pretty much 90% of our clients are going to La Trobe, and their client service is fantastic as a result of the volume that we provide them. Fingers crossed your bare trust documentation is in control? Need to get this right as those advice certificates protect the bank and not you.

Hope that helps

Cheers, Ivan

 

[RetireRich101]

2 SMSF properties at once is a huge headache in itself.

The advice you are mentioning should not cost you $800, someone is overcharging you mate.

There is me and my partner as the member/director providing Guarantor However AMP needed the custodian security trust as the Guarantor as well.. hence total 3 guarantors. Independent legal advise from another solicitor is charging 3 x $200 plus GST.

 

[Rolf Latham]

Pretty much 90% of our clients are going to La Trobe,

The lack of an offset is a no no for most of our clients with SMSF once they understand the " no refinance for cash or access to equity rule".

AMP are slow and STG are ugly, but the product mix suits our clients better than most others

ta
rolf

 

[perthguy]

I should disclose I used to work for AMP, however, they are fast growing, especially with the Super Edge product, and are getting better. I have many stories, which will make your eyes water and cringe, which unfortunately I cannot post.

I refinanced all my loans from a third rate lender to AMP in 2011. Back then they were using Perpetual to do their settlements. Well, AMP sent my loans over to Perpetual and the "settlement solicitor" aka "Mortgage Processing Officer" refused to settle the loans telling me "we can't do that". Always good to hear from someone you are paying to do their job. After that little hiccup, AMP have been great to deal with.

 

[RetireRich101]

The lack of an offset is a no no for most of our clients with SMSF once they understand the " no refinance for cash or access to equity rule".

rolf

I know the offset account in SMSF property is a bonus and has been talked about in the past.. BUT just trying to draw the real benefit of this offset.

If a property increase in value, you cant refinance or tap into this equity anyway, so offset account doesn't help here.

If you set up as Interest Only, then you wont be paying the Principal portion which you can release under SMSF without selling. An offset account wont assist if you're paying P&I as you still wont able to release the Principle you pay overtime.

The real benefit of an offset account is you have that luxury of putting that extra/spare cash in the offset to reduce the payment, but use it anytime when you need for another purchase.

 

[Rolf Latham]

The real benefit of an offset account is you have that luxury of putting that extra/spare cash in the offset to reduce the payment, but use it anytime when you need for another purchase.

kaching, most of my clients are in this position

ta
rolf

 

[RetireRich101]

kaching, most of my clients are in this position

ta
rolf

Oh yes I forgot that ATO audit require a balance of asset or require sufficient fund lying in cash account. Having some cash lying in a offset might met this requirement, at the same time offset you repayment

 

[Redwood]

I refinanced all my loans from a third rate lender to AMP in 2011. Back then they were using Perpetual to do their settlements. Well, AMP sent my loans over to Perpetual and the "settlement solicitor" aka "Mortgage Processing Officer" refused to settle the loans telling me "we can't do that". Always good to hear from someone you are paying to do their job. After that little hiccup, AMP have been great to deal with.

Fantastic to hear Perthguy!

Cheers, Ivan