Confusion over loan approvals

[Lisa1965]

Hi guys,

I know this might be the old "how long is a piece of string", but how long does it generally take to have a loan fully approved from pre?

Ours seems to be taking a very long time and we only have one more week before the "subject to finance" clause runs out on our offer. We're going through a broker, and it's been just over two weeks now.

One of the other loans was fully approved in 3 days, but now THAT one is proving to take a long time to get in our hot little hands also, it was approved Thursday week ago, yet nothing to us yet and our deposit has to be paid today.

I am just wondering if this is normal? I mean, I read on the comm bank website you can walk into the branch and have a loan fully approved in an hour... yet ours is taking forever. Getting a bit nervous about it all.

Cheers

Lisa

 

[Rolf Latham]

Hi Lisa

an hour........................um.............no.

Even branchies need sometimes to have vals done and delegate the decision on some deals to a 3rd party.

Not knowing the circumstances its hard to comment, follow it up with the lender and/ broker and get a status report and make sure they know the finance date

Sometimes things can slip between the cracks and call to move them along wont hurt.

ta

rolf

 

[Lisa1965]

Thanks Rolf

left message with broker last night. I am packing myself about this deposit. I just don't think it's good enough. But I am in a bit of a panic so everything is ticking me off about the whole process at the moment. lol

Thanks for the reply...

Cheers

Lisa

 

[lizzie]

my longest was a refinance (no extra money, just consolidating to the one bank) ... took 6 months before i told them to forget it.

lost paperwork - more lost paperwork - unable to get answers back from indonesia (yes, it was cba).

 

[Rolf Latham]

Hey Lisa

I a little comfort should be .........

if your finance clause isnt up till next week , ur deposit should NOT be at risk

Please check with ur soli though, because I have noooo idea of the specifics of your deal

ta
rolf

 

[Lisa1965]

Thanks Rolf. All OK as of today. Haven't enjoyed the ride though, I must say. haha. Once the sold sticker goes on the board out the front, I will be happy!!

 

[Peter_Tersteeg]

A pre-approval isn't a big time saver in the entire approval process. You should still budget 1-2 weeks for a pre-approval to turn into a full approval.

Valuations can take up to a week (valuers are generally quick, but tenants or owners often aren't).
Lenders can take a few days to process the file (it sits in a queue for a few days, then they process it in less than an hour).
Mortgage insurers can take a 2-3 days to sign off on a file if it's required.

 

[artlez]

I had mine done in about a week or so. It really helps if you're in contact with the loan manager and make sure they're aware of a deadline.