How long is too long?

Are any brokers here finding that finance is taking much longer for IPs now?

I have a friend who is a difficult case ( poor, self employed, lots of dependants etc) wanting to borrow under 100k for a very positively geared IP but the bank is always wanting more documents etc.... it's now been 5 months. I get that they're going to go under the microscope, but 5 months seems like an awfully long time.

Is that unusual or the norm for difficult cases post royal commission?

 

No bank takes 5 months for these kind of loans..

 

That's an insane amount of time.. is the property even still available?

 

something doesn't add up, that half a year, any business took that long to do a deal would goes bankrupt

but in the current cycle he is probably classified as the highest risk borrower so they probably chuck in the bottom pile some where and come back when there is no business....

what if he is out of a job, his +ve gear properties will be used to feed the kids
and not paying the banks? that how they will see it

 

It's a family transfer. They're buying their sibling out.

 

That's really long. REALLY long.

Did they use a broker? If the loan was pre qualified properly and there's no issues with the property/title itself, it really shouldn't take that length of time.

Do you know the lender?

 

Not normal

Some lenders are doing submission to unconditional approval in under 4 hours.....