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1.25m investment loan with westpac

Discussion in 'Property Finance' started by sam99, 25th May, 2016.

  1. sam99

    sam99 New Member

    Joined:
    25th May, 2016
    Posts:
    1
    Location:
    melbourne
    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.
     
  2. Steven Ryan

    Steven Ryan Mortgage Broker Business Plus Member

    Joined:
    18th Jun, 2015
    Posts:
    2,458
    Location:
    Sydney & Gold Coast
    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.
     
    Terry_w likes this.
  3. Jess Peletier

    Jess Peletier Mortgage Broker - Australia Wide Business Member

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    18th Jun, 2015
    Posts:
    2,785
    Location:
    Perth WA
    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 :)
     
  4. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    14th Jun, 2015
    Posts:
    1,175
    Location:
    Gold Coast
    approval from WBC with their higher tier brokers should be same or next day, with the valuation ordered same or next day as getting the contract from the client.

    ta
    rolf
     
  5. Elives

    Elives Well-Known Member

    Joined:
    19th Jun, 2015
    Posts:
    540
    Location:
    Queensland
    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?
     
  6. JameZ

    JameZ Active Member

    Joined:
    18th Jun, 2015
    Posts:
    29
    Location:
    Sydney
    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.
     
  7. Marty McDonald

    Marty McDonald Mortgage broker Business Member

    Joined:
    22nd Jun, 2015
    Posts:
    228
    Location:
    Sydney North Shore and Norther beaches
    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.