Superfast loan approval from ANZ

[pennyk]

We are applying for 2 loans... an extension to our line of credit, and a loan for a new PPOR. We have applied for enough to allow us to go ahead with the purchase even if we dont sell our current PPOR (we have 4 months to sell before we need to settle on new one).... so its a reasonably big amount of money. (we wont end up taking all of it... too stressful!)

We are currently with ANZ, and are too lazy to shop around and change accounts etc. We wanting easy, quick finance...... and we've got it!

We had our meeting with the Lending Manager on Thursday afternoon, (finished mtg after the bank had closed), had valuer here Monday and have loan approval paperwork today (Tuesday). The extension to the LOC will be drawn down on Friday. We'll also get our Breakthru package increased to 1% off, rather than 0.6, which is where it is at the moment.

We were very impressed with the meeting with the Lending manager (Mike Crawford, ANZ Epping NSW). Its a reasonably complex situation, which he grasped very quickly. He was able to work out what we needed, how to get it, filled in all the forms, organised valuation etc in less than an hour. and obviously the outcome
is, so far, very positive. (Anyone who fills in the forms for us is a keeper... we hate forms!)

I'll let you know if there's any change, but so far, I'd have to say he's been great, and highly recommended if you are in the area. he also works out of Top Ryde branch, and one or two others in this area.

 

[Mick C]

Good on him!! i know we bash "branchie" and bank mangers etc a lot...but like any industry you have your bad eggs and good eggs. SO Kudos to Mike from ANZ !


Regards
Michael

 

[Jamie M]

Good stuff.

Must have had a good assessor assigned to the deal.

That can make or break ANZ turnaround times!

We've had deals approved within 24 hours on a number of occasions.

Then you'll submit the easiest, most straight-forward scenario and the assessor comes back to us asking for additional paperwork that's sitting right in front of them.

Cheers

Jamie

 

[Aaron_C]

Then you'll submit the easiest, most straight-forward scenario and the assessor comes back to us asking for additional paperwork that's sitting right in front of them.

Oh yes this brings back painful memories. I guess that's what happens when the credit assessor has no interest in whether the deal goes through or not - they just want to get in at 9am and leave at 5pm doing as little as possible.

 

[pennyk]

One week after our first appointment, and the LOC money is in our account.
and we've got the additional interest rate reduction on our other loans.

Excellent service/ follow through

 

[Marty McDonald]

If you didn't have so many posts and reputation I would say you are an ANZ plant

 

[pennyk]

If you didn't have so many posts and reputation I would say you are an ANZ plant

its good to give them praise where praise is due...

I'm definitely not a plant, although we have banked with them for a long time, and never had any major problems.
Last time we got a loan through them, our experience wasnt so positive ..the loans manager then was a bit of a dill.
I was also comparing my experience to a relative who got a LOC a few weeks ago with another lender for $75K, against a $700K house (no other loans)... it took about 1 week for the application to be submitted, 3 weeks for approval, and 2 weeks for money to be available. So, I had low expectations I guess!

 

[MikeF]

Hi Penny

I know Michael fairly well....he knows his stuff but was wondering if he has he lost that accent yet?

PS. If banks had more people like him us brokers might start to get worried......nah ain't going to happen.

 

[pennyk]

Hi Penny

I know Michael fairly well....he knows his stuff but was wondering if he has he lost that accent yet?

PS. If banks had more people like him us brokers might start to get worried......nah ain't going to happen.

still has the accent...

 

[pennyk]

Unfortunately, I have to give a brief update on this.. with some disappointing news.
When we went back to finalise the loan for the new PPOR, ANZ got a valuation done. It came back $150 000K less than what we were expecting!! for a sub-million dollar property.
Because the property backs onto bush, which then backs onto the M2, they classed it as having a main road position (there are glimpses of the M2 from the house, and minimal noise inside).
their superior property was less than half the size (both in living areas and bedrooms), only had 1 bathroom, (compared to 3 bathrooms), and was unrenovated/ original condition compared to mostly renovated/ freshly painted.
they ignored a property which sold in the same street, 2 months ago, for $50K more than our valuation request, and instead included properties which were several kms away.
We went back to ANZ to appeal, but the valuer refused to shift, and the bank refused to do a second valuation.

While we could manage with 80% of the valuation, we wanted to have some leftover to have deposits for investment properties.
So, unfortunately, we've had to go to a different bank. We went with Macquarie bank, who will do an upfront valuation for $50 (with our broker anyway). their valuation, (as well as our stamp duty valuation) came back within 5% of what we had originally asked for, and over $125K higher than the ANZ valuation (with the risk factors identified as being very low)

I'm disappointed, because we have had a pretty good run with ANZ, for nearly 15 years, and Mike had done such a great job of organising the loans........ but they were let down by the valuer. I have the valuer's details if you want to know who to avoid.. I'll let you know via PM.

I would still recommend ANZ.. but only if you could have some control over who did the valuation!

 

[Token Funder]

Unfortunately, I have to give a brief update on this.. with some disappointing news.
When we went back to finalise the loan for the new PPOR, ANZ got a valuation done. It came back $150 000K less than what we were expecting!! for a sub-million dollar property.
Because the property backs onto bush, which then backs onto the M2, they classed it as having a main road position (there are glimpses of the M2 from the house, and minimal noise inside).
their superior property was less than half the size (both in living areas and bedrooms), only had 1 bathroom, (compared to 3 bathrooms), and was unrenovated/ original condition compared to mostly renovated/ freshly painted.
they ignored a property which sold in the same street, 2 months ago, for $50K more than our valuation request, and instead included properties which were several kms away.
We went back to ANZ to appeal, but the valuer refused to shift, and the bank refused to do a second valuation.

While we could manage with 80% of the valuation, we wanted to have some leftover to have deposits for investment properties.
So, unfortunately, we've had to go to a different bank. We went with Macquarie bank, who will do an upfront valuation for $50 (with our broker anyway). their valuation, (as well as our stamp duty valuation) came back within 5% of what we had originally asked for, and over $125K higher than the ANZ valuation (with the risk factors identified as being very low)

I'm disappointed, because we have had a pretty good run with ANZ, for nearly 15 years, and Mike had done such a great job of organising the loans........ but they were let down by the valuer. I have the valuer's details if you want to know who to avoid.. I'll let you know via PM.

I would still recommend ANZ.. but only if you could have some control over who did the valuation!

Pretty common ATM

Looking at some reporting for October this morning re: our valuation panel and nationally some 30% were 15% or more under the borrower's estimate.


Perhaps in your case the valuer is off the mark but basically borrowers are still yet to recognize where the market is.

 

[Rolf Latham]

Hi PK

Im HAPPY you found a soln.

The lender isnt the issue per se here.

Vals are all over the shop, pretty much even during "good" times

Valuers are only human and will act as such .............

ta
rolf

 

[Rolf Latham]

Hi PK

Im HAPPY you found a soln.

The lender isnt the issue per se here.

Vals are all over the shop, pretty much even during "good" times

Valuers are only human and will act as such .............

ta
rolf

 

[Marty McDonald]

Definately not a plant then Penny! As others have said valuations are all over the shop at present. This reflects a volatile market in general I would say.