Need Finance fast!

[IRISH]

Guys
Need some ideas on what I could do.I approached a finance broker 4 months ago in relation to buying a house,he rang his so called mate in the banks and gave them my situatuion,as in being self employed for only 6 months on a really good year contract,the banks said that I would not have any problem getting finance so I bought a house off the plans putting down 5% deposit,when I applied for a mortgage 6 weeks ago through this broker things dragged on and on and I had to put off settlement for 2 weeks costing $1800.

Settlement date is next monday and I still have not been aproved,they are requesting June BAS statement which I will have off to them today,dont know what else they can ask for next,has anyone out there any other route or ideas for finance so that I might actually be able to settle on Monday as I will have to move house and sort everything out before leaving for the minesite again.In a really stressful situation.Cheers.

 

[tobe]

IT is stressful, but there are few lenders who can settle a loan in a week.

I would be camping at your brokers office over the next couple of days. If they are part of a franchise, I would put in a call to the franchisor's office, and I would also be in touch with the lender the broker has placed you with, both through the brokers contacts, and their own call centre/branch. I wouldnt necessarily be giving anyone a hard time, I would just be making sure everything that can be escalated is getting escalated. The squeaky wheel gets the oil....

 

[Spectre]

track down rolf latham from asap financial who is a moderator here

hes on the gold coast

you'll probably find you get a better broker with him as well.

 

[battle on]

track down rolf latham from asap financial who is a moderator here

hes on the gold coast

you'll probably find you get a better broker with him as well.

I removed my comments as have just heard from Rolf. Seems the Email gremlins struck again.

 

[Spectre]

I wont fight rolfs battles on if/why that happened - hes a big boy.

Reason i suggested him was he was close in proximity to irish if he needed to get something done quickly and wanted a face to face etc

Knowing this is going to sound like a *****y thing to say but at the end of the day you cant be a servant to everyone

 

[Qlds007]

Luke

Wanna tell my wife that she things i should do absolutely everything she asks and immediately too boot.

 

[Spectre]

Only if you tell mine first.

 

[Spectre]

I think I stuck that on a post somewhere ages ago.

On the green at some golf club somewhere

A mate of mine said - wanna know what I think
and I said - if i wanted to know what you thought I'd ask your wife.

mate was not amused.

 

[Bricks & Mortar]

Irish,
We had a delayed settlement on one property
and kept the vendor up to date on all the problems at hand

Delays were with the lender and they were demanding extra things right up and past the settlement date. Although at the time it hard to determine who was holding it up as everyone was pointing a finger at each other.

It was over the Christmas holiday period so the delay
went over three weeks past the due settlement date.

Ok, It didn't help with the settlement, BUT the vendor didn't impose extra charges due to the delay in settlement. This saved us heaps of possible additional costs which the vendor was entitled to.

I know everyone is different
But for what is worth, perhaps keeping in touch with the vendors, may save you some extra costs down the track too...can't hurt, JUST IN CASE!


Hopefully all will come together for you in time.

 

[fernfurn]

Hate to tell you this, but my partner was approved verbally by a bank, (which bank?) that manager moved on, approved by second guy, bought premises on his say so, then when nothing had happened at settlement, they said they werent going to approve it. He lost his deposit, had to pay all sorts of extra costs, found finance in a week with a mortgage broker and eventually settled. Bank didnt want to know about it when he complained, tried to go the bank through the ombudsman, but they wouldnt help either. Moral is, get it in writing.

 

[Peter_Tersteeg]

Hate to tell you this, but my partner was approved verbally by a bank, (which bank?) that manager moved on, approved by second guy, bought premises on his say so, then when nothing had happened at settlement, they said they werent going to approve it. He lost his deposit, had to pay all sorts of extra costs, found finance in a week with a mortgage broker and eventually settled. Bank didnt want to know about it when he complained, tried to go the bank through the ombudsman, but they wouldnt help either. Moral is, get it in writing.

A verbal approval from any bank is absolutely worthless in the grand scheme of things. Even the 'instant approval' constantly advertised by banks have a condition that everything is subject to verification.

If you don't have an "Unconditional Approval" in writing, don't assume that you are in a position that the loan will be approved. Even then the loan isn't a done deal until it settles.

 

[Rolf Latham]

Hiya Celica

The moral of the story is............................when it comes to most coporate business, there are no morals.

Even an unconditional loan approval from one of the big four is no guarantee of them coughing up cash at settlement .

Check this litte note from a lenders fees schedule, I will paraphrase a little, but not the key points

xxx fees are payable if we choose not to proceed with settlement of the loan after formal approval ( fair enough) OR if the lender chooses to decline the application AFTER FORMAL approval.

Decline after formal approval, luv it !
ta
rolf

 

[knightm]

Hiya Celica

The moral of the story is............................when it comes to most coporate business, there are no morals.

Even an unconditional loan approval from one of the big four is no guarantee of them coughing up cash at settlement .

Check this litte note from a lenders fees schedule, I will paraphrase a little, but not the key points

xxx fees are payable if we choose not to proceed with settlement of the loan after formal approval ( fair enough) OR if the lender chooses to decline the application AFTER FORMAL approval.

Decline after formal approval, luv it !
ta
rolf

I found that one out first hand early this year about 1 week before Macquarie announced they wouldn't be doing resi mortgages anymore!!!

 

[IRISH]

Thanks

Guys

Thanks for all the responses,I have to thank Rolf for his advice and help,always good to have a second opinion,I must say that I have really learned a valuable lesson from all this,people will tell you anything and nobody wants to be held responsible when the s**t hits the fan,today I have approched the bank that the broker is going through,when I explained my case they had a totally different view,the lady actually told me first up that if I did get approved that the quickest that I could push it through would be 1 week,and that the broker had no right to be telling me this,by the end she said she could push it through for this Tuesday (after the broker said it could be done in 48 hours,he also told me that it would take 2 weeks to get mortgage,this is 7 weeks ago).

On hearing this I expressed my dissatisfaction with my broker in the whole process,I asked if I could go directly with the bank,she informed me that I couldnt that I was stuck with him.I just got off the phone with her when my broker rang(not happy),whom I had not heard from in near a week(always talking to receptionist),he had gotten a call from the bank and had been informed of my feelings on the whole situation,when I talked with him he informed me that the lady in the bank was all wrong ad that it was a big embarrassing mess and that he had contacts that once they approved it could all be sorted within 24 hours with a push from him,there were other issues that the bank also gave me contradicting info to the broker.

Now I am just sitting tight and waiting to see if it actually comes through,hoping that they can pull together and get me my mortgage by Tuesday before I fly back to work wednesday.

 

[Peter_Tersteeg]

If the bank needs to do a valuation on the property, there's simply no way an unconditional approval will be issued in 48 hours. In most cases it takes 48 hours for the bank to order the valuation, then another 24 hours for the full approval.

I'd suggest you let the broker know you'll want a copy of the written unconditional approval from the lender by the deadline. It should be no problem for the broker to provide this if he's being completely honest with you.

I think the broker is just giving you the same line as most bank managers like to.