@Brokers, how longs finance taking atm?

Discussion in 'Loans & Mortgage Brokers' started by WestOz, 14th Jan, 2017.

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  1. WestOz

    WestOz Well-Known Member

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    WestOz
    Hi, just filling out a O&A, ob depends on a few things but roughly is 21 days enough atm?

    Quicker would be better, or perhaps requires longer?

    Thanks ;)
     
    WestOz, 14th Jan, 2017
    #1
  2. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

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    21 days is plenty

    Some banks take a day to approve deals - offers a few weeks and lots in between.

    Generally speaking though - 21 days is heaps

    Cheers

    Jamie
     
    Jamie Moore, 14th Jan, 2017
    #2
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  3. Redom

    Redom Mortgage Broker Business Plus Member

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    21 days is ok in most circumstances. 28 days buys you a bit of a buffer in case there's a few delays.

    2-5 days for approval (if vals required). 2 weeks to get docs done and settlement booked.

    Some lenders are a bit slow so best not to go there, but at this time of year most are pretty quick again (compared to Dec!).
     
    Redom, 15th Jan, 2017
    #3
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  4. Redwood

    Redwood Well-Known Member

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    Worst at the moment is NAB - best for me is AMP.

    Cheers Ivan
     
    Redwood, 15th Jan, 2017
    #4
  5. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    One of out mentees had a formal from wbc within 2 hrs of submission.................. some deals have been taking 10 days, so obviously their well has dried up

    ta
    rolf
     
    Rolf Latham, 16th Jan, 2017
    #5
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  6. Jess Peletier

    Jess Peletier Mortgage Broker & Finance Strategy, Aus Wide! Business Member

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    Wow that's impressive!
     
    Jess Peletier, 16th Jan, 2017
    #6
  7. Peter_Tersteeg

    Peter_Tersteeg Mortgage Broker Business Member

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    Anywhere between 4 business hours and 3 weeks, depending on the lender and the complexity of the deal.

    Don't make decisions based on approval time however. If it's the right deal, it's worth waiting a bit longer. Even 2-3 weeks is a short period of time when compared to benefits over the years.
     
    Peter_Tersteeg, 16th Jan, 2017
    #7
  8. RPI

    RPI SDA Provider, Town Planner, Former Property Lawyer

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    Our finance extension requests were through the roof in November and December but seem to be heading south now.
     
    RPI, 16th Jan, 2017
    #8