MeBank pre approval

Discussion in 'Loans & Mortgage Brokers' started by Saitek, 5th Dec, 2021.

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  1. Saitek

    Saitek Active Member

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    25th Nov, 2021
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    ROUSE HILL
    Just wondering how good MeBank are with their turn around times

    My broker has submitted my pre approval application about 12 days ago and he's advised the application is still in the que to be pick up.
    Just wondering if this is the norm for MeBank and how do their compare with other lenders? I don't know if I should push my broker to start chasing up MeBank

    Also, once we have a final contract, how long do they typically take to change from pre approval to final approval? Or what are your experiences with other lenders
    Just thinking to see if a 10 day cooling off is enough on contracts
     
  2. beachgurl

    beachgurl Well-Known Member

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    ME is a bit slow atm. Most lenders have blown out on their approval times closer to Christmas. There are others quicker than ME but they are also more generous with policy than others so i expect there are good reasons why your broker selected them.
    The timing to final also depends on their service levels at that point in time. Usually after Christmas, turnaround times improve.
     
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  3. Tony Xia

    Tony Xia Structured Loan Advisor Business Member

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    Towards Christmas it's always busy, not just ME bank.

    To move the file to full approval also depends on how busy they are. And if a full valuation is needed, that's 2-3 days already.
     
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  4. Propin

    Propin Well-Known Member

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    May I ask why they chose ME Bank over others? I’m banking with NAB & ME and not sure who to use next. Message me if you like. Thanks
     
  5. Saitek

    Saitek Active Member

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    25th Nov, 2021
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    ROUSE HILL
    It was mainly because they offered a 3 year fixed rate <80 LVR at 2.49% for investment P&I and glad I locked this in! Most other big 4 banks hiked their rates at the time
    well now MeBank has asked me to provide my proof of savings. So hopefully this is the last few steps and checks before I get my Approval in principle!
     
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  6. Propin

    Propin Well-Known Member

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    7th Mar, 2016
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    Perth
    Thank you! Yes I agree with those benefits I had in the past.
     

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