Join Australia's most dynamic and respected property investment community

current NAB assessment time?

Discussion in 'Property Finance' started by beachgurl, 14th Jul, 2015.

  1. beachgurl

    beachgurl Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    455
    Location:
    Sydney
    Does anyone know the approximate time for assessment with NAB at present? I've had some serious chain dragging going on by my professionals and quietly (well not so quietly) freaking out that we won't make settlement.

    In the past with hairy timeframes I've had CBA docs emailed to a branch for me to pick up. Does NAB have this facility available also?
     
  2. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

    Joined:
    18th Jun, 2015
    Posts:
    2,147
    Location:
    Canberra and Sydney
    One day with Nab Broker usually.

    Cheers

    Jamie
     
  3. Jess Peletier

    Jess Peletier Mortgage Broker - Australia Wide Business Member

    Joined:
    18th Jun, 2015
    Posts:
    2,780
    Location:
    Perth WA
    Pretty slow according to broker site - up to 4 days for unconditional, and another 4 to issue docs, then another 4 days to certify.
     
  4. Redom

    Redom Mortgage Broker Business Member

    Joined:
    18th Jun, 2015
    Posts:
    861
    Location:
    Sydney (West) and Canberra
    They do take their time certifying docs (4 days), but approvals are super quick from NAB. Same day, two day happens quite often with them.

    Cheers,
    Redom
     
  5. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

    Joined:
    18th Jun, 2015
    Posts:
    8,985
    Location:
    Sydney
    I am doing a restructure for a client atm and they are extremely slow with that.
    For purchases they are a ot quicker though.
     
  6. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

    Joined:
    18th Jun, 2015
    Posts:
    2,147
    Location:
    Canberra and Sydney
    I find them to be one of the most consistent lenders with turnarounds. I usually get same day - or day after for approval. Docs are usually quickly posted out too.
     
  7. jpcashflow

    jpcashflow Well-Known Member Business Member

    Joined:
    21st Jun, 2015
    Posts:
    371
    Location:
    Melbourne
    NAB and NAB Broker are two different channels.. Same as Jamie if I have all of the documents on hand, We have no issue in getting an approval done within a day or two.
     
  8. kr11

    kr11 Well-Known Member

    Joined:
    19th Jun, 2015
    Posts:
    81
    Location:
    sydney
    Hi jp
    how do the other majors, anz, west pac and cba rate these days in approval times, issue of docs and certifying them

    thanks
     
  9. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

    Joined:
    18th Jun, 2015
    Posts:
    2,147
    Location:
    Canberra and Sydney
    Can depend on brokers status with the particular lender - same day or one to two days is common if val has been carried out or isn't required.
     
  10. Redom

    Redom Mortgage Broker Business Member

    Joined:
    18th Jun, 2015
    Posts:
    861
    Location:
    Sydney (West) and Canberra
    And the type of application, whether LMI is necessary, what entity the borrower is, complexity, etc.

    Plenty of brokers here would have priority access to some lenders that may speed it up a little (depends on the lender).

    Cheers,
    Redom
     
  11. jpcashflow

    jpcashflow Well-Known Member Business Member

    Joined:
    21st Jun, 2015
    Posts:
    371
    Location:
    Melbourne
    Hi Kr11,

    What i find is if I have all of the documents and have ordered a valuation up front then I tend to find the process quick. In terms of issuing documents, it all depends on what type of loan is being set up "Etc". My favorite saying is this...

    [​IMG]it takes two of us to get the deal done: Client prepared what is needed and I prepare the loan structure and submit!!!
     
  12. Azazel

    Azazel Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    8,113
    Location:
    Brisbane
    Ours took ages just now, but maybe they didn't like us.
    We had to ask for an extension to the finance date a couple of times.
     
  13. Gockie

    Gockie I'm an ISTP-A female, so I might be a bit quirky! Premium Member

    Joined:
    18th Jun, 2015
    Posts:
    4,925
    Location:
    Sydney
    I had heaps of issues too, ended up getting 2 weeks of extensions but hopefully I get the docs in the mail tomorrow!!
     
    Azazel likes this.
  14. Azazel

    Azazel Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    8,113
    Location:
    Brisbane
    Not happy to hear about your delays, buy good to hear I'm not the only one.
    Congrats!
     
  15. kr11

    kr11 Well-Known Member

    Joined:
    19th Jun, 2015
    Posts:
    81
    Location:
    sydney
    It seems nab have got alot tougher on the 90% lvr front also. Even though my friend could service the proposed loan, with cashout they wanted contract of sale of new ip b4 allowing 90% cashout of ppor. Not simply an accountant letter.
     
  16. Redom

    Redom Mortgage Broker Business Member

    Joined:
    18th Jun, 2015
    Posts:
    861
    Location:
    Sydney (West) and Canberra
    What was the purpose of the cash out - accountant letter won't do if your trying to buy a new property, but will likely do (with NAB!)if trying to invest in shares.

    Cheers,
    Redom
     
  17. kr11

    kr11 Well-Known Member

    Joined:
    19th Jun, 2015
    Posts:
    81
    Location:
    sydney
    It was for new ip. Having said that is there anyone to stop him saying it is 4 shares and then using it for something else
     
  18. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

    Joined:
    18th Jun, 2015
    Posts:
    2,147
    Location:
    Canberra and Sydney
    Yeah sometimes the Nab assessor will request one....weird I know. Because the accountant will then turn around and say "I didn't advise you to buy an investment property."

    Usually for when the cashouts are massive though.

    Who knows these days. I had a 90% cashout with Nab formally approved without hassle the other day. Just told them it was being used as the deposit/costs on a property worth $xxx

    Cheers

    Jamie