Finance approval time frame

[Freesia]

Hi all

Quick question for the mortgage brokers...

Hoping for some advice on time frame for contracts. Is a settlement period (including finance) in Victoria of 45 considered realistic. This would assume around 15 days for finance approval and 30 days settlement. Is it realistic to assume one can get finance approval in 2 weeks?

Rgds,
Fiona

 

[Qlds007]

Hi Fiona

It all depends on who the lender is and the complexity of the deal i.e refinance, company structure purchase etc etc.

I can think of some of the bigger lenders who wouldn't have even looked at the deal in 45 days time (I think RAMS are out to 31 days at present) however others you would get approval in 48 hours subject to valuation.

Your mortgage broker should be able to give you an upto date guide as to timeframes for the particular lender he has selected as consideration on the processing times definately form part of the recommendation these days.

 

[VBman]

So is it realistic that a buyer can still get FOHG if they start soon. Or are we out of time.
What do you think will be the absolute latest someone can think about and still get the FHOG (on 2nd hand houses)

 

[Qlds007]

30th June 2009 as long as the purchase contract is signed by then they would qualify for the FHOG however if the purchase fell through you would miss out on the Boost.

 

[VBman]

And how long does the contract take to get signed? Sorry, complete noob here.

 

[The Y-man]

And how long does the contract take to get signed? Sorry, complete noob here.

You as a purchaser sign it..... when you buy the property (the action that sets off all the craziness that follows...)


Cheers,

The Y-man

 

[Mamaof3]

i know someone who's had their application through with RAMS 9 weeks ago and seriously struggled to even get conditional approval out of them (got it last week) but everyone's just working at snail pace....

another friend of ours has had their application (straight forward purchase full doc) with BankSA and they had 4 weeks in their purchase contract to get finance sorted...well 4 weeks went by and their application was not even ready to be looked at! They have only just settled on their property this week but not after being 3 weeks past contract settlement date!

the banks don't seem to care all that much when customers/brokers ring up to hurry things up because settlement is overdue or whatever.....very annoying!

 

[Spectre]

And... when the big banks control more than the 80% of the market they currently enjoy
do you think it will get any better

 

[tdh78au]

how about straight forward purchases @ 80% LVR (& hence no LMI) .... is 30 to 45 days settlement period good enough to get the $$$ on time with any of the big4 ?

 

[Spectre]

how about straight forward purchases @ 80% LVR (& hence no LMI) .... is 30 to 45 days settlement period good enough to get the $$$ on time with any of the big4 ?

its not the settlements - they're easy enough to get through on time
Its the approvals.
eg taking 21 days just to pick up the file and then assess it.
Went to NAB yesterday and dropped one off - their 'quoted' is 8 working days. They advised me to push it out to 14 with the solicitors.