Current time frames for pre approval with Anz

Hi all, can anyone tell me how long pre approvals are taking with ANZ at the moment, my broker is giving me the run around it will be 6 weeks on Thursday since we supplied updated income figures. Not sure where it is at as I can't get a straight answer from him. He told me at the beginning of March loan documents were being sent to local branch, today he tells me it's been held up and ANZ are taking longer than usual at the moment. Should I stick it out with this guy or start fresh with some one new?

 

Ha ha, well it does not take 6 weeks!

So to clarify this is just for a pre-approval? Loan documents are not even produced for a pre approval! Anything over 10 business days I would be wondering if he didn't send the documents correctly. Tell him to use the ANZ online document submission, works a treat!

PS ANZ are currently not giving discounts on new investment lending, so if this is investment lending your broker is pointing you in the wrong direction.

 

A few human errors on ANZ's end held up a pre-approval I did not long ago by a few weeks - processing times were a bit slow, then it fell through the cracks a couple of times, then their data entry team missed a file and on it went!

Can't comment on present turnarounds at ANZ though.

 

That is far too long.

If you aren't being communicated with, go somewhere else. It's not the time blow out, it's the 'no straight answer' that is the concern.

If they aren't going to communicate during a pre-approval, what are they going to be like when settlement is looming and things aren't going right?

 

Thanks Simon, it's not for investment looking for new home. That's what I thought about documents, I just can't get a straight answer out of him. I told him this morning that I have lost all confidence in him and want to know where we are at as I am happy to cut my losses and find some one else l, he reckons he got word late yesterday and would get back to me today, still havnt heard from him.

 

Pre-approvals only take a week or two. ANZ timeframes aren't currently fast, but they're not quite that slow.

Given you're talking about loan documents, I suspect it's not a pre-approval, but a full application.

 

@Coopersbrew4me have you actually had an offer accepted on a house? Or are just wanting to find out how much you can borrow so you can start looking?

 

How do they continue to grow their IP loan base?

Are they competitive for OO loans?

 

They are not - but that could be apart of their post-APRA plans to reduce their investment loan book. Most clients opt for some kind of fixed product if they had to go with ANZ for their niche polices, the fixed rates are slightly easier to swallow.

Their OO are also not competitive, 4.31% variable over 750k, 4.19% 2 years fixed. Almost every other major can do better.

 

@Delfredo I'm not sure what their thinking is around IP loans, I just know that when I put a pricing request in, 4.93% is the best I get on IP loans. Also my BDM told be they are not currently pricing.

They will give discounts on OO loans. Personally I find ANZ too expensive on OO so I haven't used them in ages.

Just put through a pricing request on OO, my theory is verified 4.41% on $700k.....

 

I find anz have the quickest turnaround time out of the majors. Applications are assessed within 24 hours and most times I get approvals within the same day if I lodge the application in the morning.

Had a deal on Monday and I sent the docs in at 12.24pm and the loan was approved at 4.47pm same day. Whilst the person already had a pre-approval in place and I was just seeking formal, for a file to be picked up by credit same day of submission is pretty good.

Unless it is a trust/company application which is a manual submission, loans should be looked at within a or two max.

ANZ have the most impressive turnaround time in my opinion. CBA on the other hand, from 24 hours to 6 days last week.

 

When I was working in strategy at a bank we made a decision not to be the price leader, to protect profits on our 'back book'. Essentially don't discount for a while, because financially you are better off losing some business to make more profit off the customers you already have.

I helped do the financial modelling for it, I know, I used to be one of those guys...

 

CBA are currently running on 10 business days, I found that one out the hard way....

 

ANZ should be on 24 hours turnaround

 

Breezing through at the moment - getting great service, which is an absolute pity considering their proposition could be better.

But as always, the most popular offers are going to decimate service levels - hence the current glacial turnaround times with CBA.

 

I submitted one this afternoon with ANZ and received a response saying it would be assessed within 3 days. The assesor could ask for further information which will delay things, but once they have that information it should be 1 to 2 days before they issue a response.

 

Just got a pre approval with ANZ..... 2 days from application submitted to email from broker to say all good! I was impressed!

 

Hi... CBA are taking long but with ANZ i usually can get a approval done within three days max providing I have everything I need.

 

I submitted an application with all documents on Tuesday and was formally approved Thursday with ANZ. Had to give them one more bit of paper on the Thursday and they still got it done that day.

Pretty fast in my view