Another loan approval timelines question

Hi ,

What’s the loan unconditional approval processing time these days ? These is with directly big 4 bank .
I have put an offer for a ppor subject to finance by next week and do have a conditional approval .
Valuation was done last week and bank is awaiting the report .

ta

 

The big 4 banks have varying approval time frames from about 8 days to 80 days.

Valuation timeframes also vary. If it's a desktop valuation, it's usually done within minutes to hours of ordering. If it's a valuation where the valuer visits the property, we usually have the report within 24 hours of the visit. You do still need to allow time for the bank to review the report though.

 

ANZ announced last week up to 115 days now

 

This sounds pretty much anything driven by luck , Case and the day of the week then . Finger crossed else extension for the subject to finance may need to be requested to vendor .

 

Which lender is it?

 

For regular loans? Are things heating up this much? Or is everyone being pulled in other directions (e.g. reaching out to customers to get them to resume payments)?

 

ANZ out sources most of their loan processing (and other things) to India. India has a little lock down problem at the moment...

 

Interesting. What other banks outsource to India out of curiosity?

 

Westpac

 

Ive had a good experience with CBA recently. All sorted in about 7 working days

 

they are slow

 

Not sure about other lenders in India, but Westpac has a lot going on in the Philippines and are having similar problems. Westpac appears to be working at 33 business days at the moment.

What's really concerning is that this hasn't occurred recently. They've been like this since almost the beginning of the pandemic and have shown very little sign of improvement. One would think that they'd have done more to move their businesses back to Australia. Both Westpac and ANZ have made statements about bringing jobs back, but there's been no declarable improvements from where I'm sitting.

Given the current crisis, CBA and NAB appear to be reasonable, although they're far from their regular service levels.

If you're after fast service, it's the smaller lenders that are better positioned to help. Macquarie & ING are currently quoting 1 day to look at new applications.

 

Let me get this right - ANZ is sending sensitive financial data to China now?

 

They have for over a decade. As have many lenders and other financial institutions, as have almost any large business you've dealt with (and many small businesses).