Quick loan approval => settlement time (i.e. 1 week)

I'm wondering if there is a lender with quick loan approval to settlement time? Short version of the situation is, current bank has been processing an application for over a month assuring it's a done deal (requesting two extensions to settlement, after going unconditional). It's now looking likely the valuation will not be accepted by the bank (due to being non-habitable in it's current state) and settlement is due next week.

My concern is we have had two recent credit enquiries (equity top up & above loan application). In essence we'd need a lender with quick approval/settlement times, potential kerbside valuation to eliminate security issues (?), non-credit scoring (given the enquiries within the last two months?). Of course all these assumptions are only based on my research in recent weeks so please point out if I'm way off base.

 

What you describe is short-term lenders. The interest rate will not be cheap. We do them. Loan duration can be anywhere from 1 week+.

 

I have one of these right now. Couldn't get approval because of security type. settlement is next monday, approved now, but docs aint out also includes a refinance.

 

Thanks for the responses all.

LVR can be 80%, would prefer 88% + LMI.....

 

Anz if property and borrower in same state

 

Thanks Jamie. Do ANZ do 85% without LMI?

 

Nope - they don't. You don't ask for much do you

 

Lolz. I don't think it's the timeframes you need to worry about. It's the security. There are some lenders that will use the contract of sale or a drive by valuation, or you could get an upfront full val and a quote for making the place habitable. Show the assessor you have the cash to complete the quote and it's done. You wouldn't have bought the place without having the cash to make it rentable yeah?

Don't try for anything over 80%. Refinance when the reno's complete if you want a higher loan amount.

 

Great, thanks for pointing me in the right direction.

I really appreciate everyone's willingness to share this info - perhaps this deal hasn't slipped through our fingers just yet

 

Agree with Jamie - potentially an ANZ deal. If you're lucky, they'll be nice and put it through to their urgent settlements team and have the file case managed to squeeze settlement as quickly as possible.

 

I would maybe be a bit proactive and get your conveyancer / solicitor to push settlement. Vendors are more flexible when they have notice rather then on the day....

 

A quick update - we managed to get approval (1 day) and settle on the property in 5 days with ANZ.

Thanks everyone for the advice

Now onto making this place habitable....