Contacting Bank : awaiting approval

Discussion in 'Loans & Mortgage Brokers' started by DueDiligence, 23rd Sep, 2020.

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  1. DueDiligence

    DueDiligence Well-Known Member

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    Hi there,

    Is it a done thing that an applicant can contact the institute directly about their loan even if they have a broker?

    I have a loan being processed, its slow (CBA, been around 8 days) our broker isn't concerned, but wondered if applicants can follow up with the bank directly (if they chose to)? What I've heard so far is you'll just hear about it when they're ready, but wouldn't they give an estimate if someone asked?

    Thanks.
     
  2. Jess Peletier

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

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    CBA's turn arounds are pretty slow atm. I prefer to not have clients call the bank direct unless I ask them to on purpose.

    If I say it's under control, it IS under control and clients calling the bank behind my back indicates a lack of trust.

    It's also a great opportunity for the bank to tell you fibs designed to make brokers look bad and have you deal with them directly.

    So long story short, unless you have reason to distrust your broker, don't contact the bank directly - speak to your broker about your concerns first.
     
    Morgs and Terry_w like this.
  3. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    Yes you could.
     
  4. jaybean

    jaybean Well-Known Member

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    Ok so I used to have a very slow broker, and I used to try to reach out directly and I'd say I had about 20% success. With most of my purchases I was generally told to go back to my broker and have him contact them. But on the rare occasion I managed to get through. It's not easy but sometimes you get lucky.
     
  5. DueDiligence

    DueDiligence Well-Known Member

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    Don’t plan on calling them , just curious.

    How long is slow? Their website quotes 3-4 days. We already had a preapproval and it’s now 9 days.
     
  6. Lindsay_W

    Lindsay_W Well-Known Member

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    7 business days for PAYG applicants or 9 business days for self employed applicants.
    Applications can generally be escalated if there's a pending finance clause to meet, when's your finance due?
     
  7. Jess Peletier

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

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    Yeah their website is wrong - Lindsay is correct re their SLA. You should be near the front of the queue and CBA are usually good with escalating if finance clauses are expiring.

    But if you has AIP that's slow - maybe they're waiting on a valuation which is causing delays?
     
  8. DueDiligence

    DueDiligence Well-Known Member

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    Thanks,

    AIPs? (Preapproval)?

    They didn’t do a valuation, they took Contract of Sale at face value on day 1 according to our broker.
     
  9. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    Be happy its not WBC ANZ Bankfirst or my state

    15 ++ days

    ta
    rolf
     
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  10. MC1

    MC1 Well-Known Member

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    8 days? Take a chill pill
     
  11. Marty McDonald

    Marty McDonald Mortgage broker Business Member

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    last update 9 days
     
  12. DueDiligence

    DueDiligence Well-Known Member

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    9 business days?

    Whats an escalation on a loan normally do if it’s requested?