Westpac is hopeless

[lenovo]

It has been 2 months since we applied for a home loan with Westpac and up to now no approval yet. We spoke to Westpac's Home Loan Manager last Tuesday and told him that we need to exchange contracts on Friday otherwise the seller will put the property back in the market. The manager said our loan will be approve in 1 to 2 days and we can proceed with the exchange. We thought everything was fine then on Thursday we found out that the Credit Manager handling our loan application wants to do a full valuation on our PPOR. We were really angry and immediately rang our Loan Manager. He didn't answer so we just emailed him. We got a reply from him saying he will try his best to cancel/waive this valuation. We send several emails to him expressing our anger and frustration. Late yesterday we received another email informing us the valuation will proceed but assured us that valuation report will be with him on 3rd Feb 12 PM. We really want to believe him but from what we experienced from Westpac so far we really doubt it.

Sorry for this long post. I'm still pissed off.

We managed to convince the seller give us until Wednesday. Could anyone please advise us an alternative plan in case Westpac breaks there promise again or if they give us a poor valuation? We are considering going to Commbank. According to Commbank's website, they can approve home loan in 60 minutes. Is this true?

 

[boomtown]

In this market you should make your contract conditional on provision of finance.

 

[santaslayer]

Go thru a reputable MB.

 

[skater]

Go thru a reputable MB.

What he said!

 

[Rolf Latham]

something is marginal there I suspect

While WBC have been slow 2months is diabolical and most unusual

Comm isn't much better and overselling service levels like that will only end in tears

Persist with the lender, but find out why we are where we are at......u have to ascertain if u are being strung or if there is a genuine issue

T
Rolf

 

[lenovo]

In this market you should make your contract conditional on provision of finance.

I like your suggestion BT. I'll mention this to our solicitor. Although I'm not sure if the seller will agree to add this clause in the contract. The seller is "confident" that they can easily find another buyer.

 

[lenovo]

Go thru a reputable MB.

We went thru a MB on our previous purchase but not with this property. We gambled and went with Westpac's Home Loan Manager. We thought he can a get us a better deal and process our loan quicker.

 

[lenovo]

something is marginal there I suspect

While WBC have been slow 2months is diabolical and most unusual

Comm isn't much better and overselling service levels like that will only end in tears

Persist with the lender, but find out why we are where we are at......u have to ascertain if u are being strung or if there is a genuine issue

T
Rolf

agree. 2 months is most unusual.

The thing that annoy us is a couple of weeks ago we asked our Home Loan Manager if a full valuation on our PPOR is needed. His answer was partial valuation was already done and NO need for a full valuation. We will have a chat with him on Monday to find out what the issue is.

 

[Harriet]

In this market you should make your contract conditional on provision of finance.

Can someone tell me, please, if this would be an amendment to a standard clause OR a new clause that my solicitor would need to add in.

As discussed in previous posts, we are in a nervous situation with our current purchase, and I would like to be covered in case the bank pulls the plug on us after exchange.

Thanks,

Harriet

 

[letiha]

I've has 2 loans approved within less than 24 hours with west pac in the last 2 months, one a re finance and another for a new build.

 

[Token Funder]

I've has 2 loans approved within less than 24 hours with west pac in the last 2 months, one a re finance and another for a new build.

Formal or pre?

The processing centre in Adelaide has been a mess for months but maybe they're getting their crap together.

 

[Harriet]

Can someone tell me, please, if this would be an amendment to a standard clause OR a new clause that my solicitor would need to add in.

As discussed in previous posts, we are in a nervous situation with our current purchase, and I would like to be covered in case the bank pulls the plug on us after exchange.

Thanks,

Harriet

Bumping this so it doesn't get lost. Ta.

 

[lenovo]

As discussed in previous posts, we are in a nervous situation with our current purchase, and I would like to be covered in case the bank pulls the plug on us after exchange.

Thanks,

Harriet

Can the banks actually do this? did you exchange contracts without getting approval from the bank? I thought once the bank approve the loan then that it.

 

[Rolf Latham]

we generally get 3 days to conditional plsu val time regardless of the rest of the crowd.

Some poor brokers were having to wait near 2 weeks with WBC

ta
rolf

 

[lenovo]

I've has 2 loans approved within less than 24 hours with west pac in the last 2 months, one a re finance and another for a new build.

Our pre-approval was quick. We had a meeting with the Westpac Loan Manager and after the meeting we already have the pre-approval.

The formal as I mentioned 2 months.. We will lose the property if we don't exhange by Wednesday..

 

[sparky23]

we generally get 3 days to conditional plsu val time regardless of the rest of the crowd.

Some pooe brokers were having to wait near 2 weeks with WBC

ta
rolf

Is that pooey or pooe? LOL

 

[sue78]

pre-approval is a no brainer, even you can do it yourself. But formal approval takes ages. Infact, nothing is solid until you have signed the loan documents and the documents take forever.

I don't think we have ever not been charged default interest/solicitors fees because of Westpac. Westpac are always like this.

be careful, once you tell the buyer that finance has gone unconditional and you can't settle 7 or 14 days later, u will get charged default interest. I would delay telling them finance is approved until I know westpac can settle and that means they need at least a week to draw up loan documents and probably another 3 days for settlement.

I need finance for building now and I know my bank manager can get an approval letter for me asap. But because it's still 8 weeks away until I get the first invoice and another extra 2 weeks to pay the builder, I'm not that fussed. Will have plenty of time to organise the paper work, valuations etc

We recently settled on a block with westpac and I think that took over 2mths. Just made it on the last day b4 our solicitors took Xmas break. Westpac is really busy atm ctaching up on all the loans they couldn't settle before Xmas.

 

[Bradsdad]

Can someone tell me, please, if this would be an amendment to a standard clause OR a new clause that my solicitor would need to add in.

As discussed in previous posts, we are in a nervous situation with our current purchase, and I would like to be covered in case the bank pulls the plug on us after exchange.

Thanks,

Harriet

I think this would be an amendment to your contract. I assume you already have it worded 'subject to finance approval". I however am a bit sceptical as to there being any difference apart from say your personal circumstances changing (and the lender becoming aware of it) or if it came to light that you had mislead the lender at time of application. Personally I can see a lender (sorry I should ay bank) getting away with pulling the plug otherwise once they have issued a formal approval. Something for the legal eagles I guess and/or ombudsman should this occur as I maybe of the mark. Just ensure there are no oustanding clauses on the "approval" advice.

The outcome of Ozperps case from the ombudsman (if she heads down that path) would be of great interest.

 

[mja]

Use the power of a good mortgage broker.

All banks suck in one shape or another. If a transaction is fine for one person, it may end up a disaster for the next person. Each situation is different.

 

[Spectre]

In days gone past we'd approve in branch and then sometimes send to a credit guy to sign off on some aspect of the loan.

So the questions of if the loan is marginal in some aspect hasnt been disclosed - such as equity/income to service has to be asked...

That being said. You need to move things along... assuming your an 'everyday' or 'clean' customer 2 months is a bit much... Was the guy off over holidays or something and your file didnt get allocated to a backup person?

So find out who his manager is, get his number and raise hell with the boss. However when you're asking a different staff member for their details, put some bs on it and say you want to ring them to compliment them on their employee. Otherwise you might not get it. Or the customer complaints line might work a few wonders.