ANZ processing time for refinance

Hello experts,

Just need your thoughts on my options now.
I am planning to refinance my homeloan from NAB.

My broker gave me two option ANZ or NAB with LMI waiver as a CPA member (my wife).

But what he told me is that ANZ have some slow processing time but not sure about CBA and asked my decision on whether to go for CBA or ANZ ..

I have few questions here sorry about that

1. Can I apply for both the banks and see which one picks up first and go with them ? Will it have any complications ?

2. We both have accounts with CBA will it speedup the process if I go with CBA ?

3. My relationship manager with CBA reached me out last week and we had a discussion about my loan and he mentioned he would proceed it withing 3weeks can I apply personally or should I go with broker ? Which one will be faster.

Note: I have a bad experience with NAB and delayed my loan process for 3 months and I don't want any further delay on my construction loan.
Please help.








My situation : 87 %LVR .

 

1 yes but unwise
2. No
3. Broker

 

Thanks Terry for the advice.

Can you please let me know which have better processing time ? ANZ or CBA ?

 

Anz - around 13 days
Cba - around 25 days.

 

CBA probably, but it will depend

 

Thanks Tony. Is it the processing time till the approval or just the application pickup time ?

 

Pick up, any rework or additional requirements is back in the queue again.

 

I agree 100% with you. NAB manager promised us first and then went back and declined our construction loan leaving us in big trouble.

If you are refinancing from NAB please note that NAB will not release the loan very easily. Give them advance notice so they are prepared and still they will not release it as I found out.

I have to threaten them that I will make a complaint to the financial Ombudsman to make them release the loan. be aware of this.

 

Is the construction for a development ?

Release of funds for construction isnt a approved loan which you can just draw 100% of. Typically they will assess it diffrently incl needing construction cost estimate reports to support contract prices and require you to spend your $$$ first and then advance specific sums at certain project milestones. They dont want the loan all spent and the project is 90% completed with not further project finance options. NAB isnt alone with that. Broker experience in this area is helpful. Many people apply for what seems a simple approval for construction and when it is noted as a development site it changes the process and costs and much more.