Anyone experienced delays with Westpac

C

Cherry Pro

Hi

We had conditional approval for an IP with Westpac and put in for an unconditional approval close to 12 days and still waiting.

Vals were done last week and MB says stacked up.

The rea is chasing me on behalf of the owner and MB has been following
up with the powers that be and has been advised that this is still
pending SLM approval.

Has anyone else experienced this inordinate delay with Westpac ?

We were to exchange this afternoon so keeping fingers and all else crossed.

Cheers
 
Yep - we had quite a bit of a delay with WBC too. You might need to delay exchanging if it doesn't come through - did you have a "subject to finance" clause?
 
First Home buyers are clogging the pipeline.
I've had to move my application from CBA to ANZ simply because CBA are on a 12 day lead time just to take the first look at an application. ANZ are currently 6 days. That's a lot of days when you're on a 30 day settlement window. And that's just to look at the application, never mind the approval, valuation, settlement process.
I think Meryl Streep described it best in Devil Wears Prada when she said it moves at a "glacial pace".
Loan apps are making glaciers look fast at the moment.
 
Thanks guys .. that's some comfort. Have to try convincing the agent ..hopefully, all his other buyers have run into similar problems with the banks' 'glacial' pace - to quote Rob Williams.

Auror - this was a funny one, we saw the rea and paid a deposit (obtained receipt) and had building and pest inspection done. The agent called the owner while we were there and said he was taking it off the market. I then started discussion with the property management arm of the agency (incidentally agency is owned by this particular rea) and the bank vals were done last week. So technically, we haven't signed anything but our check has been cashed.

Cheers
 
Cherry, I feel your pain, it was very stressful for us waiting on the bank and always asking the vendor for more time. Fingers crossed for you! :)
 
Cherry Pro said:
Hi


Has anyone else experienced this inordinate delay with Westpac ?
Click to expand...


Yep, we are still waiting for a payout for a LL insurace claim that has been approved, work done and new tenants in.

They assure us the cheque's in the mail.:p

Can we use the same weak excuse with our obligations to them?

Dave
 
Yeah as Rob said, CBA are defintiely slow at the moment. My parents have a deal supposed to be settling tomorrow and their purchaser still hasn't received final word from CBA. :eek:

Very busy out there at the moment, everyone's putting deals through in one form or another.
 
Rob Williams said:
First Home buyers are clogging the pipeline.
I've had to move my application from CBA to ANZ simply because CBA are on a 12 day lead time just to take the first look at an application. ANZ are currently 6 days. That's a lot of days when you're on a 30 day settlement window. And that's just to look at the application, never mind the approval, valuation, settlement process.
I think Meryl Streep described it best in Devil Wears Prada when she said it moves at a "glacial pace".
Loan apps are making glaciers look fast at the moment.
Click to expand...

Advised today that CBA's now blown out to 21 days. 2 weeks to conditionally approve and a week to value and get unconditional.

The other side issue - with the massive rush to the big 4 consumers are reducing future competition in the market. You look at the picture and what cba and westpac own - i'd reckon they dominate a massive chunk of the finance game between them.

So you're going to now have a coles and woolies of the finance games - more than ever.
 
Hey all, i just recently bought my 2nd investment unit and went with CBA through myself (mortgage broker). I submitted it on the 16th of February and had my valuation booked in for 3/3/09 and received my unconditional approval yesterday afternoon (4/3/09).

You can escalate your loan application after a certain time (vary between banks) which is maybe what you need to ask your broker to do. A week to go unconditional after having a valuation done seems a bit long to me.

I also had a 21 day finance clause luckily, which needs to be done with the banks taking so long these days!
 
At least CBA slowing down was to be expected due to their recent announcement (MAV cuts). Things won't improve until mid April i expect.
STG have just announced the following also......

"Due to the success of our current campaign, St.George/BankSA is experiencing higher than usual volume within Mortgage Central and our Loan Processing Units.

Please be aware turn-around times for verifications are currently 10-12 working days, in some instances less.

Please note these turnaround times are contingent upon receiving all supporting documents. We do not start processing a file until all supporting documents, outlined in the checklist attached, are received.

Pre-approvals
For this reason, please be aware that effective immediately and until further notice St.George/BankSA are only issuing conditional approvals as part of our pre-approval process. This includes lodgements currently in the pipeline - these files will not be fully verified until a property has been located........"
 
STG reckon they will do 5 to 6 for their special brokers.

Richard T would be able to advise on that, I recall he does a bunch of STG stuff

ta
rolf
 
Rolf Latham said:
STG reckon they will do 5 to 6 for their special brokers.

Richard T would be able to advise on that, I recall he does a bunch of STG stuff

ta
rolf
Click to expand...

Rolf out of curiousity how is it going for yourselves as mortgage brokers at the moment? If the banks are snowed under is this translating to yourselves, or are you finding a general migration of borrowers moving directly to the banks (where as in previous times they might have used a mortgage broker)?

Views of yourself and other mortgage brokers appreciated.
thanks
 
Hiya Chill

Busy, but not with FHOG buyers.

The slice of broker business vs bank direct appears to be growing, which makes sense.

Our major challenge like most mature brokerage businesses is to actually make a decent profit on the work we do. The margins on upfront comms have become close to unsustainable to run a proper "advice" business. The day where we need to charge larger and more common upfront fees is nigh.

ta
rolf
 
thats great news both for yourselves as mortgage brokers and for borrowers as a whole as it helps to mitigate (but not totally) the increased market dominance of the major banks.

Thanks for the update.
 
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