Loan processing times

Discussion in 'Loans & Mortgage Brokers' started by kopi, 14th Jan, 2022.

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  1. kopi

    kopi Well-Known Member

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    Hi all.

    Just wondering what your experiences are at the moment of loan processing times.

    Is Omicron leading to lengthening processing times? Are contracts having to have dates extended ie ‘subject to finance’ date and settlement date?

    All thoughts appreciated. Thanks
     
    kopi, 14th Jan, 2022
    #1
  2. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    AS at today most lenders are a little slower anyways due to Christmas Break and staff being away

    Having said that, new lodgements would also be seasonally down.

    Most lenders are ok, but few can meet 7 day finance clauses, with 14 and 21 being needed in some cases, and more with some super slow lenders like ANZ where complex borrowers are involved

    ta
    rolf
     
    Rolf Latham, 14th Jan, 2022
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  3. Tony Xia

    Tony Xia Structured Loan Advisor Business Member

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    Pretty good right now from what I've gathered. For simple deals it could be 2-5 days depending on which bank.
     
    Tony Xia, 14th Jan, 2022
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  4. kopi

    kopi Well-Known Member

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    Thanks guys.

    I expected staff shortages to be pushing out timelines.
    But I guess competition between banks has them cracking the whip at their loan processing teams.
     
    kopi, 14th Jan, 2022
    #4
  5. alvaro86

    alvaro86 Active Member

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    I have lodged an home loan application with ANZ Bank on 10 January 2022 (self employed). I have been advised (email from ANZ) that they will look at my application on 13 February 2022. Just crazy
     
    alvaro86, 14th Jan, 2022
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  6. kopi

    kopi Well-Known Member

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    Sorry to hear this. Do you have any idea why?
    Some here are saying a few days but yours is looking like a month minimum!!!
    The seller must also be annoyed!
     
    kopi, 14th Jan, 2022
    #6
  7. Tony Xia

    Tony Xia Structured Loan Advisor Business Member

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    Yes self employed is taking longer. PAYG is only around 3 days.
     
    Tony Xia, 14th Jan, 2022
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  8. Lindsay_W

    Lindsay_W Well-Known Member

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    Self Employed deals are what ANZ deems 'complex' therefore taking much longer than PAYG deals which they deem 'simple'.
    ANZ have been having processing issues for a long time now, out of all the lenders they have some of the longest processing times at the moment.
     
    Lindsay_W, 14th Jan, 2022
    #8
  9. alvaro86

    alvaro86 Active Member

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    It is crazy. No idea why. Even though application is self-employed, it is fairly simple application.
     
    alvaro86, 15th Jan, 2022
    #9
  10. Bradeng2

    Bradeng2 Member

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    How did you end up going with ANZ time wise? We have put in an application with ANZ and the time its taking is stressing me out!
     
    Bradeng2, 19th Feb, 2022
    #10
  11. Tony Xia

    Tony Xia Structured Loan Advisor Business Member

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    If its 80% loan, it should take 7 to 10 days. No trust etc involved.
     
    Tony Xia, 19th Feb, 2022
    #11
  12. alvaro86

    alvaro86 Active Member

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    Loan settled on 17 February 2022 which I was pretty please about considering the time I was advised it would take just for ANZ to pick up the file.
     
    alvaro86, 22nd Feb, 2022
    #12
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