Pre-approval amount?

Discussion in 'Loans & Mortgage Brokers' started by Lettie_S, 9th Feb, 2021.

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  1. Ryan23

    Ryan23 Well-Known Member

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    ANZ were slow with my pre-approval, however it was over the Christmas period. After signing a contract I got formal approval after 6 business days. Was impressed with that.
     
  2. Tony Xia

    Tony Xia Structured Loan Advisor Business Member

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    Depends in the type of deal, if it a straight vanilla refinance at 80% I've gotten a response in 3 days.

    Anything outside that 15 days:)
     
  3. Shamrock1

    Shamrock1 Well-Known Member

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  4. Lettie_S

    Lettie_S Active Member

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    Did you use a broker? Or did you deal directly with a banker?
     
  5. Lindsay_W

    Lindsay_W Well-Known Member

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    Most pre-approvals are not credit assessed so that's why they're not really a true indicator of what you can borrow.
    Macquarie can do credit assessed pre-approvals but must be specifically requested by the broker on the deal.
    Best to use a broker to understand what your true borrowing capacity is.
     
  6. Ryan23

    Ryan23 Well-Known Member

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    That was through a broker, however I was already a customer of ANZ so they could see all my records etc.
     
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  7. Lettie_S

    Lettie_S Active Member

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    Were you a credit customer of ANZ by any chance (credit card, loan etc.)?

    I bank with ANZ, but only a savings account and a visa debit card
     
  8. Ryan23

    Ryan23 Well-Known Member

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    Yeah had a credit card and previously had a mortgage with them
     
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  9. Shamrock1

    Shamrock1 Well-Known Member

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    Broker
     
  10. Curious2019

    Curious2019 Well-Known Member

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    Over 60 days waiting for loan approval with ANZ now for PPOR - both self employed though so not a vanilla deal but way too long. We have a signed contract and settlement has had to be extended as ANZ are taking too long, now trying to get the deal done with Macquarie...
     
  11. Lettie_S

    Lettie_S Active Member

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    That's unsettling. Did you use a broker?
     
  12. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    And was taking 115 days to assess an application a few months ago
     
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  13. Lindsay_W

    Lindsay_W Well-Known Member

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    ANZ home loan processing channels are the same whether you use a broker or go direct, unlike some other banks.
    For purchase applications it is possible to escalate for finance approval, I had some luck with one last year when ANZ were taking forever we managed to get the approval escalated for the client, I'm sure ANZ bankers have the same ability to escalate.
     
  14. Curious2019

    Curious2019 Well-Known Member

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    Yes, it’s a broker from this site but I don’t think it’s his fault at all.. seems like ANZ finally picked up the file this week and have asked for more documents.. luckily we were able to get an extension on settlement for another 4 weeks but we had to release our deposit early to avoid penalty interest of 16%...
     
  15. Curious2019

    Curious2019 Well-Known Member

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    We tried the escalation path with no luck, we were supposed to settle tomorrow but that had no impact on ANZ moving any faster!