Pre approval taking forever!

[KyanFable]

Heading should read 'Pre approval'

Been waiting on Anz now for 2 and a half weeks to give me formal pre approval for my loan. I understand that there is a lot of buying activity at the moment, hence increase in loan requests, but is this a normal timespan for a pre approval?


My broker claims he is pushing them as much as he can and my financials are solid.
Seems like forever when I'm fired up and ready to buy!!!

Anyone else waiting an eternity for pre approval? I thought these could be done in 48 hours?

 

[tobe]

ANZ give a response time to your broker. ask for a copy. It will show when the deal was receipted, and the latest date the assessor will have a response by.

ANZ dont always meet this self imposed time line, but if your broker cant or wont give you a copy, then perhaps its the broker rather than the bank holding it up.

 

[KyanFable]

Broker forwarded an email from ANZ that says conditional approval granted 21/8
Broker advised me he will now request a formal approval letter but have not received one yet from bank. Has been a week now.

 

[Jamie M]

Hi there

A conditional approval is a pre-approval - it seems that you've already got what you were after.

Have you actually found a property that you're wanting to purchase?

Cheers

Jamie

 

[KyanFable]

Dont have a property uet but I have a buyers agent I'm ready to engage and I need the pre approval so they can move forward with the property search

 

[Aaron_C]

There is no such thing as formal approval when there is no security....

 

[Peter_Tersteeg]

You've got as much as you're going to get until you find a property. Take a look at the conditional approval, is there anything you won't be able to meet assuming the property stacks up?

 

[Jamie M]

Dont have a property uet but I have a buyers agent I'm ready to engage and I need the pre approval so they can move forward with the property search

OK - all is good. You've gone as far as you possibly can. The next step is finding a property. Once you've had an offer accepted, your broker will order a valuation and if all is ok they should issue your formal approval.

Like PT said - just check the conditional approval to ensure there's no questionable conditions that you might not meet.

Usually it just mentions that it's conditional based on a satisfactory security being provided, your UMI remaining positive (servicing calculation), LMI approval (if required).

Cheers

Jamie

 

[KyanFable]

Here's the email pasted. I have omitted some info of course.

Apply Online Application ID:
Lender Application ID:
Connective OSN Broker ID:
Applicants:
Response Date: 21 Aug 201317:36 PM
Status: Grant Conditional Approval
Message: Customer(s):
Application Amount: $360,000.00
LoO Validity Date: 14/12/2013
Other/Rental Income Not Verified:
Income Verification Self Employed:
Evidence of Tenancy for Rental Income:
Subject to confirmation of 5% Genuine Saving:
Full Valuation:
All Lo Doc 80 Applications will be subject to formal approval by the Lenders Mortgage Insurer. Please forward all relevant supporting documentation to your ANZ Broker Unit to enable validation of your clients application to commence. ANZ reserves the right to request further information or documentation in relation to your clients application.
The information contained in this communication is confidential, and it may not be intended for your use. If you are not the intended recipient, any use, disclosure, copying or retention of this communication is unauthorised and you are asked to delete the communication immediately.

 

[Aaron_C]

Are you going lo doc?

 

[Marty McDonald]

Here's the email pasted. I have omitted some info of course.

Apply Online Application ID:
Lender Application ID:
Connective OSN Broker ID:
Applicants:
Response Date: 21 Aug 201317:36 PM
Status: Grant Conditional Approval
Message: Customer(s):
Application Amount: $360,000.00
LoO Validity Date: 14/12/2013
Other/Rental Income Not Verified:w
Income Verification Self Employed:
Evidence of Tenancy for Rental Income:
Subject to confirmation of 5% Genuine Saving:
Full Valuation:
All Lo Doc 80 Applications will be subject to formal approval by the Lenders Mortgage Insurer. Please forward all relevant supporting documentation to your ANZ Broker Unit to enable validation of your clients application to commence. ANZ reserves the right to request further information or documentation in relation to your clients application.
The information contained in this communication is confidential, and it may not be intended for your use. If you are not the intended recipient, any use, disclosure, copying or retention of this communication is unauthorised and you are asked to delete the communication immediately.

This is a back channel message. That means it is system generated only. You need the AST fax (approved subject to)

 

[KyanFable]

Are you going lo doc?

No I'm not. Not sure what that's about. As Marty has said it looks like an auto generated email from ANZ to my broker.

 

[Mick C]

Hate to say your broker has told you a fiddo as this loan was only submitted on the 21st ( last Wednesday afternoon ...so really thursday morning).

What you have copied and paste is just a auto back channel message; it's NOT yet a pre-approval.

Currently the EST for an ANZ pre-approval on a standard loan (PAYG) with an Auto message like your one takes around 4-5 days to turn over ( today -Tuesday is the 4th day) so you should get the pre-approval today or tomorrow the latest.

Also ANZ pre-approval looks like a fax print out ( PDF).

So all in all, looks like ANZ is on track.

Regards
Michael

Here's the email pasted. I have omitted some info of course.

Apply Online Application ID:
Lender Application ID:
Connective OSN Broker ID:
Applicants:
Response Date: 21 Aug 201317:36 PM
Status: Grant Conditional Approval
Message: Customer(s):
Application Amount: $360,000.00
LoO Validity Date: 14/12/2013
Other/Rental Income Not Verified:
Income Verification Self Employed:
Evidence of Tenancy for Rental Income:
Subject to confirmation of 5% Genuine Saving:
Full Valuation:
All Lo Doc 80 Applications will be subject to formal approval by the Lenders Mortgage Insurer. Please forward all relevant supporting documentation to your ANZ Broker Unit to enable validation of your clients application to commence. ANZ reserves the right to request further information or documentation in relation to your clients application.
The information contained in this communication is confidential, and it may not be intended for your use. If you are not the intended recipient, any use, disclosure, copying or retention of this communication is unauthorised and you are asked to delete the communication immediately.

 

[Peter_Tersteeg]

This is a back channel message. That means it is system generated only. You need the AST fax (approved subject to)

That was my first thought. It's an automated response the bank sends a broker when the lodge the application. Nobody has actually looked at the file or verified anything.

The fact that it says, "Conditionally Approved", is a good sign, it's credit scored well, but until the broker receives a fax confirming the assessment, this information is meaningless from a borrowers perspective.

 

[KyanFable]

And so I wait....

Thanks for all your feedback guys. Next time around ill be using a broker from this forum for sure. I chose this guy because he is close to where I am stationed at the moment and he seemed quite knowledgeable, however quite slow!

Just for future reference is the loan process quite manageable when using a broker in another city/ state?

 

[Peter_Tersteeg]

And so I wait....

Thanks for all your feedback guys. Next time around ill be using a broker from this forum for sure. I chose this guy because he is close to where I am stationed at the moment and he seemed quite knowledgeable, however quite slow!

Just for future reference is the loan process quite manageable when using a broker in another city/ state?

Sometimes people get busy. It's not good but it does happen although I'd hope that your broker would at least be up front about it.

Dealing with brokers remotely is no problem at all.

 

[KyanFable]

I should have known this would happen when he called me to come in a see him for 5 meetings. I've been going through the whole process since July 15.

Turtle?

 

[Aaron_C]

I should have known this would happen when he called me to come in a see him for 5 meetings. I've been going through the whole process since July 15.

Turtle?

Maybe it's his NCCP obligations?

 

[KyanFable]

Yeah I don't think so. He's a nice guy but very very slow

 

[tobe]

get a copy of that response fax off him. Itl tell you when it was submitted, and when to expect an answer