Time it takes for pre-approval with RAMS?

GreenTreeFrog

GreenTreeFrog

Title says it all really!

Just wondering if anyone has any idea on how long it takes for pre-approval to get through from RAMS?

Someone has put an offer on the property we want. I am trying to NOT panic but I would like to get the official go ahead so we can jump into the negotiations before it is too late.
 
Hi GTF

The current queue is that at today's date 2nd April files lodged 2nd March are being assessed

RAMS has tried to keep the backlog moving by pre-vetting files and even valuing properties before the file gets to an assessor

However, the queue is the queue, so expect about 30 days from lodgement to assessment - and that is just to get to an assessor. If there are any requests for further information, the turnaround time to look at the new information is 4 working days.

RAMS has recently introduced 'Preference Processing' so that applications with contracts can be dealt with separately from pre-approvals


Hope this helps
Kristine
 
Yeah Kristine, my broker told me WBC (owner of RAMS) is the same time period.

Im currently financing 2 loans with AMP Bank supposedly with a much faster turn around time.
 
Noooooooo ! It has only been a week!

Ah well - what you say ties in with what the broker told me.

*sigh* Patience hey.

I LOVE your sig quote by the way Kristine!
 
Ah, Well, horses for courses

RAMS will service higher than most lenders, so if you are trying to squeeze the last borrowing dollar out of income, there can be a real difference between waiting a month and going for $20,000 or $30,000 less borrowings.

On the other hand, a local conveyancer rang me last Wednesday - a client of theirs had used a broker who had fiddled about for eight weeks, then told her that 'his lender wouldn't accept the postcode'. Metropolitan Melbourne postcode not accepted? Yeah, right.

I met with the lady on Thursday, lodged the application Thursday afternoon, the lender assessed the file on Friday, sent it to the mortgage insurers Monday, and it went to valuation today.

Not bad for four working days turnaround. This is a refinance to release funds to assist with the new purchase.

We should have unconditional approval tomorrow or Monday at the latest.

However, while this lender has great turnaround times, they are not the sharpest knife in the drawer.

This is a low doc, so only looking for 80%LVR, and the interest rate is 6.99%. But hey! this is a bank which offers off-set (which will take some of the sting out of the interest rate) and all the usual bank type stuff and in two years she can switch to another product.

So if you want RAMS @ 4.94% or a 100%LVR (which they are still processing but not taking any more for the time being) then in the queue you must wait. Sliced bread in plastic bags is there for the taking, but if you want hot bread straight from the oven it is always crowded at the counter.





GTF, yeah, the sig says it all. We can't do anything until we do it. Everything we do every day we haven't done before. Life, and experience, is like a river. We look at the river and see a 'river', collective, but the river is not the same from one second to the next. The water we see now is gone before we see it. The river is constantly changing and so are we.

I am always doing things I can't do, all of us are, and this quote of Picasso sort of sums it up!

Cheers
Kristine
 
I agree lodged a HDT purchase with Rams for a client 26 days ago and we are not a million miles away from being at the start of the queue.

Another application plain old Mr & Mrs lodoc deal lodged on Monday with a retail Bank 80% lend at 5.57% and picked the mortgage docs up for the client this afternoon.

Local Broker had the deal for 2 weeks and couldnt place it so it is all in the presentation and a but of who you now.

Dont go anywhere fast at RAMS but they do get there in the end.
 
It is a Low Doc 80% re-fi so where does that put us I wonder... Outside the square and in the go-slow queue no doubt.

But if we get there in the end, I will be one happy gal!!
 
GreenTreeFrog said:
Someone has put an offer on the property we want. I am trying to NOT panic but I would like to get the official go ahead so we can jump into the negotiations before it is too late.
Click to expand...

Yep, not a nice situation. We just had similar case with a Buyer client of ours. While in process another buyer offered $10K more. We ended up exchanging contracts unconditionally today without formal finance approval - which is a dangerous thing most times - except in this situation the Buyer was buying well under market (they have a great BA skilled in negotiations :)) so they are confident it will value up. And they have more than 20% deposit.

But I agree the delay in approvals is just a pain. The 5 day cooling off thing is either a waste of time or extension after extension after extension. This opens up the whole gazumping thing again (at least in NSW).
 
Hi,

Ok I so I am going to do a self plug here!

As far as I know our turn around is 4 day's.

Kind Regards,

Alex Sperling, DIP. FS
 
Last edited by a moderator:
Now, Alex, that's just rude.

Here we are, having a civilized little chat about the industry in general, and with 4 posts to your name you think this is a Marketing Opportunity!

Will there be fries with that, Alex?

Cheers
Kristine




Sorry, Alex, on reflection it is I who was rude

A flippant remark said in jest in a 'real' conversation is part of the fabric of a conversation. That same remark typed can take on a whole different meaning. I was actually poking fun at you, not criticising you, but at such short acquaintance perhaps the po-face got lost in the translation somewhere in cyberspace

I do say 'will there be fries with that' quite a bit, as a sort of punctuation.


However, if you had said 'we do a four day turnaround and knock the spots of RAMS and this is how and why' then that is a contribution, n'est-ce pas? GTF may have even thought 'Hmm. Much as we love our usual broker, perhaps this Evachange geezer has got something going for him, and look! He even has his address right there, I'll call him in the morning!'

But just saying 'we're fantastic' doesn't really say much, does it?


Please accept my apology to you. Sorry also that you have changed your name for whatever reason as I am sure that you have made many worthwhile contributions in the past and it would be interesting to read same.

Ciao!
 
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I was trying to have a little fun and not being rude at all. Yes 4 posts to my name under this logon.

I am a long time poster and reader of this forum.

Kind Regards


Alex Sperling, DIP. FS
 
Last edited by a moderator:
Rixter said:
Yeah Kristine, my broker told me WBC (owner of RAMS) is the same time period.

Im currently financing 2 loans with AMP Bank supposedly with a much faster turn around time.
Click to expand...

Hmmmmmm my BDM informed me Westpac are currently looking at 6-7 days for a formal. I hope you're refering to pre-approvals only.
 
Its ok, no issue, I was trying to poke fun at myself, by saying that our turn around is 4 day's, but I think it was lost, I guess someone who has known me would have thought I was just being me.

When I worked at WBC as a business coach I used to get my trainess to call me the King! They all know I was full of it!!

But Its cool, oh and I should add that is only OUR own products that have a faster turn around, if we were to ack as broker and had to go to rams then It would be the same - A bit of a wait!

Anyway, take it easy.

Kind Regards,


Alex Sperling, DIP. FS


Kristine.. said:
Now, Alex, that's just rude.

Here we are, having a civilized little chat about the industry in general, and with 4 posts to your name you think this is a Marketing Opportunity!

Will there be fries with that, Alex?

Cheers
Kristine




Sorry, Alex, on reflection it is I who was rude

A flippant remark said in jest in a 'real' conversation is part of the fabric of a conversation. That same remark typed can take on a whole different meaning. I was actually poking fun at you, not criticising you, but at such short acquaintance perhaps the po-face got lost in the translation somewhere in cyberspace

I do say 'will there be fries with that' quite a bit, as a sort of punctuation.


However, if you had said 'we do a four day turnaround and knock the spots of RAMS and this is how and why' then that is a contribution, n'est-ce pas? GTF may have even thought 'Hmm. Much as we love our usual broker, perhaps this Evachange geezer has got something going for him, and look! He even has his address right there, I'll call him in the morning!'

But just saying 'we're fantastic' doesn't really say much, does it?


Please accept my apology to you. Sorry also that you have changed your name for whatever reason as I am sure that you have made many worthwhile contributions in the past and it would be interesting to read same.

Ciao!
Click to expand...
 
Last edited by a moderator:
Alex

What rate is the mortgage house 80% lodoc refi product ?

Is it loaded for HDT refi / purchases ?

Might have a client or 3 for you but they want less than 5.75%.
 
Hi,

Take it HDT is H D Trust? As far as I know its not loaded for trusts, but will confirm.

The rate for our Thrifty Access Product for a Lo Doc is 6.09% comparison Rate, this is the Borrower Pays LMI, if its lender pay's the Rate is 6.39% comparision Rate.

If you need any more info please let me know via PM.

Thanks and Regards,

Alex Sperling, Dip. FS


Qlds007 said:
Alex

What rate is the mortgage house 80% lodoc refi product ?

Is it loaded for HDT refi / purchases ?

Might have a client or 3 for you but they want less than 5.75%.
Click to expand...
 
Last edited by a moderator:
Well the offer was accepted and the vendor signed the contract.

RE Agent just waiting on the buyer to return the signed contract and deposit.

So it is not looking good for us.
 
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