Loan Documents

Hi All,

This coming 10th of April is settlement day but I haven't receive loan documents yet (Westpac business as I am buying in a trust)
Is this normal? I am very worry.

1. I applied for a pre approval, and after 1 month never got it. I decided to put an offer anyway.
2. for finance, the valuer was sent 1 day before the end of the finance condition. As a result, a verbal valuation had to be done as opposed to a written report.
3. the unconditional approval was done at the end of the finance condition day with an email saying that the bank will lend the 80% of the valuation. But never they put that I was unconditionally approved even though it was requested many times by the vendor solicitor, the broker and myself. This was 2 weeks ago, banker said he will do it, but nothing yet.

As I said, in 2 weeks is settlement, and I haven't receive any document yet.
What can I do?

Thanks,
Fabiana

 

Are you going through a broker, or are you dealing directly with the bank? Hopefully, a broker - they can then help you get this sorted - I've found that banks tend to listen to them, and their degree of urgency mores than when I'm trying to get something done.

But I've had a few transactions where the timing has been very tight (and the turn around time on the paperwork has been very difficult to meet, especially if you have to get things witnessed by a solicitor etc). If you haven't heard anything by the time the mail is delivered today, is there any way that you can go into a branch and talk to a person, face to face? While they can't print the documents for you, they should be able to check on their system and see if the documents have been printed and posted. I tend to find I get answers more quickly when I use face to face - if I use the phone, I just keep getting transferred or put on hold.

Good luck.

 

Yes you should be worried. Chase it up asap.

 

Yes, I have a broker and I have been asking him to call the banker every day, but things were not done within the required deadlines.

The broker says he is calling the banker all the time.
I dont know what else can I do!!!!

 

Sounds like it is not approved yet.

 

Try calling the bank as well.
Can you ask them why the bank is slow? Are they waiting for certain details?

On my last settlement the bank was ready 3 hours before settlement needed to happen, that's after a week delay and many many communications from my broker and solicitor. I'd write on banks and contact them from any channels you can, including their social media.

 

What does it mean that " it is not approved yet"?
What does it need to happen for the loan to be approved?

Which is the minimum time before settlement that I can receive loan documents? My solicitor said 2 weeks, no less than this. If not I won.t have enought time to settle on time

 

I have the name of the banker but not any contact detail. If I ask my broker, he won't give me the banker contact details

 

Not approved yet means that the bank hasn't come to a decision on whether they're going to lend to you? Has valuation results came up? Whose letter it is that you received in regards of 80% lending?

You have the name, so try calling the bank directly.

 

You need to be very concerned. It appears you are going through a broker. Go see them (don't call) today. Find out why paperwork has not been received. Do not leave until you have an answer on when you will get it.

You need to keep your solicitor in the loop with status too.

 

Sounds strange.

Westpac usually dispatch docs to your local branch quickly after unconditional approval is issued.

Cheers

Jamie

 

Yes, valuation was done and the bank confirmed they will lend 80% of the valuation.
The banker said that he expected to receive loan documents last Wednesday or yesterday, but nothing.

I just received an email from my broker and he could talk with the banker and said the banker saw my contract but it appears that it was an error.

I feel that this is another excuse as things are not done.

 

I was told that because this is a trust and it is the business lending and just depends on 1 person, things are different and that is why is taking longer. For residential is straight forward, but not the business department to assess a business loan (because I am buying in a discretionary trust) but still a residential house
Is this true?
Finance was approved last 9th March

 

That's awesome @The Y-man

In my case it's more like this

15 days before settlement
Broker: Waiting for Bank's response to whether they need more documents. Bank said as it's a re-application there won't be any new documents to be signed

14 Days before settlement
Broker: The staff was wrong. We there will be new documents to sign.

9 Days before settlement (I was on holiday in Japan)
Broker: Bank still need xyz documents
Me: Sent all docs 1 hour later from phone, gave broker a skype call to double-check

8 Days before settlement
Broker: Unconditional approval obtained. Document sent via express. Should arrive Friday

6 Days before settlement on Saturday
Me: Documents are not there!!! Can I print it out in local branch Monday?

Fast forward, document sent via express post to bank Reply paid address on Monday

Settlement Day
Bank: Documents are not here yet.
Settlement delayed for a week

The week after everyday towards extended settlement
Me: Where are we?!
Bank: Documents with verification team. But they don't have phone contacts so I can't tell you. It has been escalated by your broker. Have you talked to your broker?
Me: Yes! But they're not the one processing the documents!

1 Day before settlement
Solicitor: Bank is asking for document we can't provide
Me: @#!@#$!
Broker: Will chase it up, it should be all ok to book the morning on settlement day

Settlement day - Bank finally ready to settle 3 hours before settlement should have been done.

Lesson: it can still all go wrong even after all the effort

 

Is it just me or do you think Australia is in the Stone Age or dinosaur age when it comes to property transactions. Why can't we develope a system where there is a portal where all related parties can upload docs and instead of 20 bank cheques, money can be transferred electronically.

 

Unconditional approval was due 2 weeks ago and bank wrote a 2 line email saying that they will lend me the money.
Solicitor requested a letter saying I was unconditionally approved. Today, 15 days later after I paid 10% deposit 2 weeks ago and finance clause it is not valid any more, I received an email saying I was unconditionally approved.

2 weeks before settlement, there is no loan documents to be signed.
Solicitor is asking for a loan reference number, there is nothing.
My broker is saying that I am impatient, that this is normal with the business lending.

It's been 6 weeks since I signed the contract, in 2 weeks it is settlement and it does not exist any clue about the existence of a loan document so I can settle on this property.

No one cares. And it is affecting me with many other private issues. I cannot afford any delay in settlement. And how it goes they need at least 2 months more.

What can I do if no one cares.

 

Keep pushing.

Once approved docs should come pretty quickly now and you still have plenty of time.

If property is in NSW you may have another 2 weeks on top.

 

Sounds like its having to be done with a WBC biz partner who may be dragging their feet. Depending on the person will determine the quality of the transaction, I dealt with a similar style file recently and was seamless - as the party on the bank side we were working with was excellent.

The broker will just need to keep pushing the banker and ideally the person above that banker. Likewise their BDM should weigh into the situation to hopefully resolve it.

This is all based on a scenario wherein the broker/banker aren't keeping quiet while they try resolve any issues in the application.