RACQ bank Personal Loan

Discussion in 'Money Management & Banking' started by Angel, 24th Dec, 2019.

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  1. Angel

    Angel Well-Known Member Premium Member

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    Hi Brains Trust, can I have some feedback please.

    We are still waiting since the weekend of 14th December for the documentation from Head Office for a pre-approved loan from racq - great interest rate, personal loan campaign.

    Some of you will recall the dramas I had to overcome to get NAB to release mortgage documents in 2016 when we were selling an IP. The local staff at racq assured us that for a personal loan, the apra stuff is not as rigorous as it would be for a home loan. We are told by the local Branch Manager that our credit checks are all good, but there is a big queue of loans to process "before christmas". This is seven working days, not their usual 3 they said when we handed in the initial application 3 December and prior to receiving the all clear to go shopping on the 10th.

    Should I go public about this today (oops :rolleyes:, I just did) or leave the complaints until after it is finalised. I want to advise the media and the Govt about how this Apra stuff is hurting the economy. In this scenario, two households are cancelling travel plans due to neither of them having their new car. Two tourist destinations are missing out - neither of us are afraid of a bit of smoke in the air where we were headed. In my case i could drive my old car, but if I did then I would not be available in Brisbane to finalise the transaction with my seller even if the loan had come through this week. The dealership for his new car isn't getting a sale until this one is completed - and had he sold it to a cash purchaser, that dealership would have had a sale finalised mid last week. The seller also banks at racq and he is closing his accounts with them.
     
  2. Noobieboy

    Noobieboy Well-Known Member

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    What this has to do with APRA Angel? I’m not trying to be mean, but if the bank promised a turnaround of 5 days and didn’t deliver it is something they are responsible for. Regardless of how tedious the paperwork is, I would assume they need to know how long it takes them and meet these deadlines.

    Moreover, I’m pretty sure APRA doesn’t review or needs to know about every loan.
     
  3. Angel

    Angel Well-Known Member Premium Member

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    I was under the impression that the local officer had already gone through our financials with a fine tooth comb before he sent the application up to HO. We had a long chat today and it seems they have to "verify" the paperwork up in HO before they can finalise everything, whereas I was under the impression it had already been verified earlier. Good luck verifying my employment at Education Qld this week or last week. We discussed previous fundings we had where things were so much easier, pre Apra and pre our current ages.

    As of COB today, these funds might still not be available until, at their best estimate of the queue, Monday January 3rd. Yes the bank needs more staff. Yes the bank sucks. The loans officer confirmed that we meet their criteria as responsible borrowers and when I asked about moving our home loans to them, he reiterated that we meet the criteria. He was surprised how poor the conditions of our existing mortgages are. This is costing not just us personally, but your national economy. Here is another example of how APRA's regs are holding back the economy by reducing us all to the lowest common denominator DumbA***.

    I'd like to see the media reminding the public on their TV shows that when you go to a financial institution for finance, it will take more than three weeks to be processed, meanwhile thousands of transactions will fall over due to sellers not wanting to wait that long for their funds.
     
  4. Angel

    Angel Well-Known Member Premium Member

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    No, Santa is not bringing me a new car tomorrow.
     
  5. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker Business Member

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    The loan doesn't appear to be approved.

    Not sure what this has to do with APRA either, but loans take time to process and there is no guarantee that loans will be approved at all, or by certain dates.

    It is the busiest time of the year for lenders too,

    And remember the golden rule. They are lending you money so they get to make the rules.
     
  6. The Prestige

    The Prestige Well-Known Member

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    What is the interest rate?