Frustrated

[ChrisOs]

I have usually had a good run with minimal inconvenience and mistakes.

I was going through the bank documents tonight for the latest IP purchase and while I don't read EVERY word, I am reasonably thorough. I was a bit concerned though with the first page of the main offer document which had the address incorrect .

I'll have to get that one sorted out tomorrow!

Regards,
Chris.

 

[JIT]

DIY vs Mortgage Brokers vs Mobile Lenders/Private Bankers

Going via a broker has its pros and cons. Dealing with the bank directly as suggested by Dazzling several times is very 'under-rated' on this forum, and, I think it has now become a bit of a 'forum-bias' - perhaps due to the increasing number of brokers kindly posting their advice here. I have had good and bad experiences with 'good brokers', and, have had some very good experiences dealing with banks directly via 'mobile lenders'/'private bankers'. They know their individual products inside out, and know how to work the systems within the bank to get you the best deals quickly and efficiently. Often, better that what is advertised to the general public, or what a broker could negotiate for you. Of course, if you do it this way, just make sure you don't go randomly and pick one bank and go with it, and instead, do a bit of shopping around and comparing of products from other banks before-hand. If you don't or can't do this for whatever reason, then you're better of taking a punt on a broker.

GSJ

 

[Bargain Hunter]

Our last good few deals have all gone off without a hitch, with the dreaded bank being exemplary with both their paperwork, level of service and notification, and attention to detail has been excellent. But then, the chap that handles our affairs at the Bank isn't some pipply faced teenager who couldn't get into Uni, and he actually works for the Bank and has some stroke when the crunch comes. We'd like to think that he is able to sweep aside someone else's deal and give us priority over deals originated by mortgage brokers, when push comes to shove.

Dazzling,

When we lived in Wollongong we had a personal banker, never had a problem. When we moved to Sydney the bank never could get their act together, the personal banker was never available and even basic transactions were painful.

No longer give our business to this bank, but seems most lenders wait until the very last moment to get their act together and therfore if there is a hitch it impacts on the settlement.

Regards

Andrew

 

[redwing]

Hmm..I prefer a good Mortgage Broker rather than someone in the bank who doesn't know S**t from Sugar, however, I'd say if you find someone at a bank who knows their stuff then build a relationship with them (I had someone good in the bank who was a great assistance; but they went to the ATO, thier replacment/s were never as good)

 

[kathryn d]

We just received a call from our MB....it's all been approved by the lender's LMI and we are a go.Hopefully in less than a month we will be able to close on the property and start renovating into 12 units.

 

[lizzie]

We'd like to think that he is able to sweep aside someone else's deal and give us priority over deals originated by mortgage brokers, when push comes to shove.

ah - that's what happened to my last "bank delayed" residential deal ... 'twas dazzling stiking again ....

 

[wylie]

No offence Dazzling, but I hope you understand when the boot is on the other foot and your next deal is "swept away" by someone with more money and a bigger deal than yours.

I was a little surprised by your attitude, seeing that you were once a "small insignificant" customer.

Wylie

 

[Dazz]

Cheer up wylie.....I've never pretended to be a girl guide when it comes to business.

Having gone head to head against big listed companies and trust funds and superannuation funds for the past 10 months, and been summarily swept aside and crushed in the stampede, I now have a very healthy respect for the weight of money. I am fully cognisant of the fact that there are bigger deals whatever your size, and there isalways someone bigger than yourself, and they will always get priority.....that's just life and business.

God knows, the wife and I have had to get used to being pushed around. It ain't fun, but we've sucked it up and come out stronger for it. With the ol' swings and roundabouts thing, we in turn expect to get treated better than deals smaller than what we do. What's wrong with that. Sh*** rolls downhill I keep getting told.

It's frustrating, it's morally indefensible, the little guy gets hurt and feels bad.....but it is reality in the business world of 2007 in a Western democracy.

I would fully expect my contact at the Bank to sweep aside lesser deals and push ours through as a priority. At the same time, I am quite happy to bow out and fully understand why they'd let some larger deal go through than the one I was interested in. It's called economies of scale.

If the Bank can do one set of paperwork and receive the same funds as pumping through 50 or 60 smaller housing deals, I can guarantee you they will do it, and do it with a smile on their face.....and get a pat on their back from their superiors. It's just how the business world operates. Once the important deal is done, they can then start mopping up the carnage of the other 50 or 60 deals on standby....and be happy to take the flack and whining and moaning that will inevitably ensue.

Don't get all moralistic on me now wylie.

 

[Glucose]

Hi Da Force,
You know the Mail Centre in McCoombe St. near Earlville, has express pickup at 5pm. I only found this out during my last IP purchase when I was stressing out about having to get documents away by 4pm!
I always now try to have 21 days for finance & a further 21 days for settlement put in all my contracts. Agents seem to want to push for the 14 days for each though. Only once have I had to pay penalty for a settlement going over, it came to a couple of thousand on a $650,000 purchase bought at auction.
I, too, am having fewer sleepless nights over settlement delays. My sleepless nights these days are more about the deals that got away in the first place!

 

[cgw]

Welcome to our world. And it does not stop at settlement. Make sure you check everything they do. As I had to set up 3 loans, it took numerous phone call, emails and time between the bank and broker to get it right, eg structure, interest, fees.
I laugh now at how angry I sometimes got on the phone to the call centre staff, but they were always very polite.
I am about to buy another IP - lets see how they stuff this one up...........

 

[DaForce]

Well it happened! The property settled yesterday. At 2.30pm it looked like the bank was not going to do it but a few angry phone calls from the MB and the local bank manager to the head office of the bank and it got done.

Now i have to move in. Whilst I hate moving I am sure the work will be fun as its now MY OWN HOUSE!

Im going to continue to read SS so I can eventually keep this as an IP and get a new PPOR in a year or two.

Thanks SS'ers.

 

[sailor]

Congrats...your own piece of dirt! To do with whatever you want! How good is that! Enjoy!