1.25m investment loan with westpac

got refered to a broker who applied for a 800k loan to purchase a $1.26 m property with westpac. income is 110k p.a gross plus super (engineer). no kids, no loans outstanding. he has been abit slow with getting valuation done, been nearly a week now since signing contract which is subject to finance. got 1 more week left to get approval, however can ask for extention ofcourse. i am bit worried after reading the comments about westpacs servicing calcs, starting to wonder why he choose them. based on this scanerio would like some feedback on likelyhood of it getting approved and secondly how long should valuation normally take.

 

These are questions you should be asking your broker

Not enough info to make an educated guess at you odds of approval.

The val can take up to a week - depends on when the valuer can gain access and how much is on their plate (to write up the report). Usually they will only take a few days though.

 

Rough and dirty servicing looks like it should be fine if the rental income is reasonable.
I agree with Steven, communicate with your broker - he'll have all the answers you need.

It can be a nervous wait

 

How does this "higher tier brokers" system work? i've also heard of diamond brokers i think thats for cba.

are there 3 levels of brokers? a broker must pay more to be in a higher level / process more loans?

 

For WBC there are Platinum, A++ and normal brokers

Higher tiered brokers gets faster turnarounds, a dedicated team of assessors, high priority email response centre, as well as volume based bonus commission

You can become a higher tiered broker if you have enough volume with that lender over a period of time.

 

The problem is you cant be a Diamond or Platinum level with all the lenders unless you write a ridiculous amount of volume. As a guide you need about $20M pa in settlement to make a top tier with a lender.