Is it me, broker or NAB ?

Discussion in 'Loans & Mortgage Brokers' started by tattoo, 14th Nov, 2017.

Join Australia's most dynamic and respected property investment community
Tags:
  1. tattoo

    tattoo Well-Known Member

    Joined:
    20th Sep, 2017
    Posts:
    123
    Location:
    NSW
    A few things
    - started refinancing application in Aug and it was completed in mid October. Took 2.5 months. there were no back and forth with paperwork, no complications, it just took that long
    - an IP loan wrongly direct debiting repayment from account with offset funds parked ...
    - the equity release loan was not linked to the offset account with the funds, have been charged a month's interest for the full balance. Am trying to get that back (bank person asked me when the accounts were set up and why it happened ??)
    - tried to do a simple loan split, it took 2 weeks wait and chase before being told a signature was missing for a form that had no real purpose in regards a split arrangement but was a formality. That would've meant another week of waiting for them to receiving original paperwork before they can action. In meantime the reno, the split was for, has been completed.

    So is this me being unfair or having unrealistic expectations, or broker not keeping an eye on the process or is it just NAB (having a loan/broker mortgage business detached from main operations) ?
     
  2. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

    Joined:
    14th Jun, 2015
    Posts:
    10,598
    Location:
    Gold Coast (Australia Wide)
    NAB can be very messy with simple splits

    ta

    rolf
     
  3. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

    Joined:
    18th Jun, 2015
    Posts:
    3,977
    Location:
    Canberra, Brisbane and Sunshine Coast
    Agreed.

    They have some clunky processes - having said that, no bank is perfect.

    Is it all sorted now?

    Cheers

    Jamie
     
  4. Peter_Tersteeg

    Peter_Tersteeg Mortgage Broker Business Member

    Joined:
    18th Jun, 2015
    Posts:
    8,130
    Location:
    03 9877 3000
    This is a result of NAB taking a very conservative view of compliance obligations and making seemingly simple tasks very difficult. Everything they do is buried in paperwork and the paperwork isn't as user friendly as it could be (written by compliance people, not the people that have to work with it).

    Sadly other lenders are also heading down this path, rather than away from it.
     
    korando1234 likes this.
  5. Jess Peletier

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

    Joined:
    18th Jun, 2015
    Posts:
    6,673
    Location:
    Perth WA + Buderim Qld
    I did 2 Nab loans for a client recently - Nab sent one lot of her docs to her work head office who were not listed anywhere in the application. Rate locked only one of the loans, and got her name completely wrong on her keycard. :confused:

    It’s just Nab.
     
    Colin Rice likes this.
  6. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

    Joined:
    14th Jun, 2015
    Posts:
    10,598
    Location:
    Gold Coast (Australia Wide)
    Thats why sometimes their name is actually

    Need Another Bank

    ta
    rolf
     
    Angel, Eric Wu and Colin Rice like this.
  7. Redom

    Redom Mortgage Broker Business Plus Member

    Joined:
    18th Jun, 2015
    Posts:
    4,621
    Location:
    Sydney (Australia Wide)
    @Rolf Latham - classic line!

    My experience has been similar to the above in 2017, they were far quicker & more efficient in the past. Some the above stories are pretty bad.

    NAB can be very painful to deal with nowadays, especially credit assessment, doc verification and post settlements. As Pete’s mentioned, some of their intepretation to complaince has gone too far. Having to evidence loan terms and produce loan contracts that are years old to evidence some things can be cause headaches. There’s a lot of awkward phone calls asking customers to evidence things only shown on their loan contracts because their online banking doesn’t have the detail. Back end, split process is painful to say the least.

    They’ve swapped a focus to decent rates and catchy offers, which helps win business (points, fav special, etc). They have the features and ability to be flexible, but they certainly don’t make it easy.

    I suspect if it were bank direct, some of those issues may be quicker, not sure how retail channel work but they may benefit from informational access. Some of the repayment issues may have been better identified, etc as they may have better exposure to your accounts, etc. However, they’re also known to cross x your loans (if you have multiple securities), so speed/efficiency may trade off on structure.
     
  8. Peter_Tersteeg

    Peter_Tersteeg Mortgage Broker Business Member

    Joined:
    18th Jun, 2015
    Posts:
    8,130
    Location:
    03 9877 3000
    To be fair with the NAB, there's a lot of things they do well. Their BDM teams have a lot of resources and I've found them great for getting certain issues resolved. Their assessment policies are reasonable and fairly clear. They tend to apply pricing to existing customers the same way they do with new customers.

    A lot of the complaints they get can easily be applied to other lenders. I've had similar experiences as initially described with other lenders.

    Like I said earlier, I think a lot of it comes down to how they apply things like compliance and formal processes. They're very rigid in the way they go about this.

    After some communications from Westpac over the last 2 days, I suspect they're about to get a lot less flexible in how they go about lending. Paperwork is everywhere...
     
    Redom and Jess Peletier like this.
  9. Marty McDonald

    Marty McDonald Mortgage broker Business Member

    Joined:
    22nd Jun, 2015
    Posts:
    874
    Location:
    Sydney North Shore and Norther beaches
    yes sign of the times. automation where did you go??? hello hello.......anybody
     
    korando1234 likes this.
  10. tattoo

    tattoo Well-Known Member

    Joined:
    20th Sep, 2017
    Posts:
    123
    Location:
    NSW
    will have to wait a few days and see if they've got it sorted
    At least the phone call was with local staff and wasn't too painful a process to explain situation.
    It would be much better if there you could duck into a branch or make an appointment to go over paperwork or applications, rather then hoping for the best when you send back the wad of forms interstate. CBA seems better on this front

    oh well, can't argue with the IR
     
  11. Peter_Tersteeg

    Peter_Tersteeg Mortgage Broker Business Member

    Joined:
    18th Jun, 2015
    Posts:
    8,130
    Location:
    03 9877 3000
    You could just scan it, email it to your broker and ask them to check it for you before sending it back.

    The NAB has two bits that regularly get messed up:
    * Direct debit authority (when there's multiple accounts being set up).
    * Direction to pay.

    Both of these can be easily rectified by the broker with a phone call when the banks get them. The rest of it is fairly simple.
     
  12. korando1234

    korando1234 Well-Known Member

    Joined:
    1st Nov, 2015
    Posts:
    70
    Location:
    AU
    on this note, curious as to which of the majors are perceived to be the fastest?
     
  13. Jess Peletier

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

    Joined:
    18th Jun, 2015
    Posts:
    6,673
    Location:
    Perth WA + Buderim Qld
    It depends. ANZ at the moment, but it changes depending on how busy they are.
     
    korando1234 likes this.
  14. Brady

    Brady Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    2,563
    Location:
    Adelaide, SA
    A loan direct through CBA. Pending application you can have it input, approved, printed and certified ready to settle within 4 days.
     
    korando1234 likes this.
  15. Marty McDonald

    Marty McDonald Mortgage broker Business Member

    Joined:
    22nd Jun, 2015
    Posts:
    874
    Location:
    Sydney North Shore and Norther beaches
    ^^^^^^^ Not the loans my clients present ^^^^^^^^
     
    tobe and Brady like this.
  16. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

    Joined:
    18th Jun, 2015
    Posts:
    3,977
    Location:
    Canberra, Brisbane and Sunshine Coast
    It depends on a lot of factors.

    At the moment I'm getting one day approvals with ING

    CBA and NAB are also quite quick
     
    korando1234 likes this.
  17. Colin Rice

    Colin Rice Mortgage Broker Business Member

    Joined:
    9th Jul, 2015
    Posts:
    3,183
    Location:
    Perth
    There are so many people involved that human error is inevitable sadly.

    Also when dealing with large organisations it seems like it is easier to pass the buck to someone else resulting in things slipping between the cracks.

    Some lender do it better than other but at the end of the day can come down to the diligence or lack there of from the individuals handling the case as well as the system they need to work with.
     
    Eric Wu likes this.
  18. Eric Wu

    Eric Wu Well-Known Member Business Member

    Joined:
    8th Oct, 2016
    Posts:
    1,603
    Location:
    Australia
    Lodged one application, file was picked up on the 4th day, approved the same day. CBA is not bad for now.
     
  19. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

    Joined:
    14th Jun, 2015
    Posts:
    10,598
    Location:
    Gold Coast (Australia Wide)
    to do what ?

    a little depends on the val policy for the lender and the LVR you are applying at

    Quite a few funders are now at same day approval.......but that doesnt help you if you need a full val and the access takes a week

    ta
    rolf