NAB or ANZ?

Just exchanged a contract and my broker suggested both NAB and ANZ to me. I am not sure either go for NAB or ANZ and need some advice here.

For the peace of my mind, I just want to secure something asap. I googled the turnaround time, and found below posts from 2021. Are both still valid info to reflect the current turnaround time?

“When it comes to ANZ, it takes anywhere between 15 to 18 business days to approve a home loan from the day of the application to approval. “

“Once you have your conditional approval, you can start browsing for properties that you like and that fit within the budget that NAB has provided. After you find a suitable property, you’ll need to give a copy of the signed deed to NAB, following which you should get full approval and access to the funds. This process can take up to 4-6 weeks. ”

 

Given the timelines on both of them at the moment it would be neither - unless there is a policy niche that you need to fulfil. What was the rationale they gave for these two lenders?

 

Both aren't your choices if you need a quick turnaround time, you'd go to Mac Bank or ING which are currently sitting on around 2-3 days.

Are their specific reasons why those banks were provided as an option?

 

it is a land purchase so I dont think I have many other choices than the big 4 + a handful of 2nd tiers.

what is the usual turnaround for both ANZ and NAB at the moment?

i have 42 days to settle.

 

Mac bank does land only loans If you can prove you can service a construction loan as well.

Turn around time for majors i believe its still around 10 -15 days still. Except cba 25+ days

 

Have a look at Heritage , SLA should be around 7-10 days. Common sense lender. They do construction well.

You can then fix the construction loan, no loading on construction facility, unlimited repayments on fixed.

 

Banks are all quite slow at the moment - even the fast ones have blown out to double their usual SLA's.

NAB aren't too slow, I think they're at ~4-5 days for first pickup via some broker channels at the moment.

ANZ are a bit slower & hit & miss, some applications (simple ones) get assessed quickly, while others (company, guarantor, complex) take forever. The unpredictability doesn't help much though.

 

Hi Redom, what do you mean by miss? Miss settlement deadlines?

do big 4 have issues with meeting the settlement deadlines now? Ain’t they supposed to prioritize by customers settlement date?

 

How to proof? I need to sell one to fund or get help from the family. How can I proof in this sense?

 

Make sure the servicability is there to propose you can get a construction loan.

 

Are all other banks require this kind of proof for construction when purchasing vacant land? Like I said I need to sell one to fund my construction. I haven’t sold now, and I cant proof my serviceability.

 

Missed settlements are rare, but happens. Will be happening more and more in the past 12 months with these delays though.

Credit approvals are the slow part & some doc collections/certifications are taking too long too.

One major bank is taking 35 days to process a discharge at the moment. I'm not sure if that's even legal.

 

NAB are quick for some brokers.

ANZ are super slow.

All in all - if timing is important I'd be going outside the Big 4.

I've been dealing with Resimac a bit recently - very efficient.

Cheers

Jamie