Waiting waiting waiting...

I am waiting to hear back from Suncorp this week on a 70% low doc loan. They gave us pre-approval 3 months and two weeks ago. We had to re-submit as it expired and we are going for formal approval now.

With all this low doc tightening talk, I am getting the jitters!! :eek:

Anyone else waiting on finance approval at the moment?
 
Yes, I've got 2 full doc re-fi's in the pipline at the moment.
The speed at which these things happen makes tectonic plate movement look fast :mad:
 
I am waiting to hear back from Suncorp this week on a 70% low doc loan. They gave us pre-approval 3 months and two weeks ago. We had to re-submit as it expired and we are going for formal approval now.

With all this low doc tightening talk, I am getting the jitters!! :eek:

Anyone else waiting on finance approval at the moment?

Suncop recently (last month) boned a lot of their brokers in the burbs- I think they are looking to sell off the finance arm and keep the Insurance. Every deal has been jammed up with them as they are now under resourced.
 
Yes, I've got 2 full doc re-fi's in the pipline at the moment.
The speed at which these things happen makes tectonic plate movement look fast :mad:

Rob, which Lender if you don't mind me asking?

I've got one currently in the cue with CBA...

Will be six weeks this Wednesday...
 
Rob, which Lender if you don't mind me asking?

I've got one currently in the cue with CBA...

Will be six weeks this Wednesday...

I had one in the queue with CBA for a few weeks. I ended up putting it in the "far queue" and I switched the application to RAMS (WBC). Conditional approval in 2 days and valuer called 2 days after that to arrange access.
Got the same speedy result from Homeside (NAB), too. Very impressed with Homeside. This will be my second loan with them.
The problem with CBA was that their service model uses P&I loan repayments and an assessment rate of nearly 7% to calculate the serviceability, despite the fact that I'm after an IO loan.
Apparently, they would have looked more favourably ay my application if I had another loan with them. Well, I tried that earlier this year. I had signed a 30 day unconditional contract on a property. CBA had a backlog of FHB applications and told me they couldn't even open a file for 6 weeks!! It's hardly my fault I don't have loans with them, although I have all my other banking with the CBA.
I've had similar experience with ANZ 6 months ago. They kept my application in the queue for 3 weeks. Never declined it, just didn't process it. I was told, off the record, that it was because they didn't believe I could live as cheap as I do.
It's a game. You just have to learn the teams, players, rules and then work out how to play the game to win.
I've learned a lot about how they do their service models. Once you know that, you can avoid wasting time with banks that are either going to say no or simply not move your application forward.
 
:eek:
Rob, which Lender if you don't mind me asking?

I've got one currently in the cue with CBA...

Will be six weeks this Wednesday...

omg, and i've only been waiting for just 1 week. :eek: and im already getting impatient.

I didnt realise it could take so long to get pre-approved. I hope I dont miss out on an opportunity because of it!

Mine is with ANZ
 
We are going through Bankwest and this is the 4th week!!!! Marketline are stuffing us around with valuation on our 1st IP which is up the road from where we live - they are getting confused because our PPOR is number 7 and our IP is number 17 - they keep thinking they have already valued it but they have valued our PPOR!!! Anyway it was finally done yesterday so hopefully it will all go through this week - had to ask for a second extension - sooo frustrating. Got an email from our broker last Friday saying its all been conditionally approved subject to the valuation of number 17 so fingers crossed.
 
I had a good experience with Westpac this past week - albeit based on a pre-approval dated 22nd of June.

Signed contract for IP on Saturday 19 Sept, broker put in loan application on Monday 21st, got the call back from broker on Thursday 24th Sept advising that loan was unconditionally approved. Documents arrived the following day for signing - it seemed pretty fast to me! :D
 
Just heard that Suncorp have given us formal approval pending valuation. :D

I hope that is a done deal. We have had two valuations done on the property so far - one came in much higher than we bought for and one came in at buy price.
 
We are going through Bankwest and this is the 4th week!!!! Marketline are stuffing us around with valuation on our 1st IP which is up the road from where we live - they are getting confused because our PPOR is number 7 and our IP is number 17 - they keep thinking they have already valued it but they have valued our PPOR!!! Anyway it was finally done yesterday so hopefully it will all go through this week - had to ask for a second extension - sooo frustrating. Got an email from our broker last Friday saying its all been conditionally approved subject to the valuation of number 17 so fingers crossed.

Littlelee that reminds me of my two IP neighboring properties. One No. 26 and the other 28.

The bank valued the same house twice.:rolleyes:
The Solicitor registered No.26 under No.28's Trust deed. I am still sorting that problem out two years later.:(

Good Luck GTF, glad you have your preapproval.

Regards JO
 
Try PLAN lending. I settled on 45 days but didn't have any finance organised before making the purchase. My broker recommended PLAN lending and within two days had unconditional approval. I settle in a couple of days and all going good so far. Cheap interest rate too and no fees.
 
Josko, I have a friend who had a similar issue. They had 2 IPs in the same street - opposite ends. Put one up for sale through the same agency as their PM, and no-one picked up that the selling agent put the wrong title details on the contract - Qld sale where agents can do the contract. Neither solicitor did their job, obviously.

The only way our friend found this out was that she kept getting the rates for the "sold" property. The first time she just assumed the process of notifying authorities was slow, but the second quarter she queried it. Imagine how the purchasers felt when they were informed they actually owned the smaller house down the street! Its been over two years and it is still not sorted.

Wake
 
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