I have around 2 weeks to go till settlement and I’m having issues with Westpac, so thinking of other banks. Ive spoken to other banks their mortgage staff say they can do it in 2 weeks and it’s faster to go through them than my broker. I am conflicted on which option will be better. Is it generally faster to go direct through a branch over a broker?
I guess mine was a loaded question. Westpac keep telling me, had I gone internal then it would be faster (they don’t seem to like brokers). Right now, I just need a loan ASAP.
Depends on a number of things - some brokers and bankers have priority access/accreditation so they are able to get things done quicker. Westpac itself has a number of tiers just for the broker channel. Most important thing is to work with some and build a long term relationship - ensure you get the correct structuring in place as this trumps most requirements most of the time. Settlement is tight so ensure that the lender can assess the application quickly but also has a super quick doc prep/certification process. Macquarie is currently the fastest for this by a long shot (please note I'm not recommending Macquarie).
Would Macquarie be faster than St George? I just find it strange a broker could be faster than the bank overall. I thought internally from a bank would be the fastest. It’s just hard knowing who’s going to be faster for me.
Macquarie is super FAST - 1 day to pick up application for assessment, then docs will be electronically sent to you and you can sign them electronically (yes no need to print) and no need to send it back (its done automatically). No you just need to figure out if you fit their lending criteria and if they fit your requirements. Re Bank vs Broker - again one is not better than the other. Its important who you deal with - there is good and bad in both channels.
Macquarie is quite fast for both direct channel and brokers. Westpac is not the right lender for a fast turnaround at all right now.
Well.......no WBC retail duplex build almost 3 mths, 60 % lvr servicing by 10 k a month. Could have done with lender X in a week or less. Retail often struggles with the concept that brokers need to be hunters, and most ( not all ) retail pick up road kill. The primary difference between broker and retail is hunter v scavenger, so the disdain makes human sense. ta rolf
Thank you everyone for the help! Macquarie isn’t open over the weekend, so hard to contact them. Is there a way I can find out if I meet their lending criteria?
Macquarie could have you fully approved in a day if you play it right. You could even potentially settle by the end of the week
Typically,. a high volume broker will have better connections than an average broker or branch banker. Being mindful that > 75 % of new to bank WHOLE business comes from the broker network with most large lenders,and with arrears half that of average, it should not be surprising that lenders will do things for those brokers that they will not for the average retail banker or broker ta rolf
Contact a Broker that is good and works weekends - they can tell you if you fit their criteria. If so they can prepare the application and send you a list of documents required for the loan application. You can do this all before start of business day Monday and potentially have formal on Monday with docs issued Wednesday. This is assuming Macquarie is the best lender and you meet their criteria.