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Recent Unconditional Approval times - ANZ

Discussion in 'Property Finance' started by MBT, 7th Feb, 2016.

  1. MBT

    MBT Member

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    Hi,

    Just interested in recent unconditional approval times post apra (if any change?)

    I think my broker is going with ANZ.

    Purchase is for PPOR 10% deposit. Have several loans with ANZ.

    Also interested in other institutions approval times approximately?

    Regards
    Martin
     
  2. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

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    If the valuation has been done - usually one day.

    Cheers

    Jamie
     
  3. MBT

    MBT Member

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    Thanks Jamie, thats very fast !
    Martin
     
  4. Redom

    Redom Mortgage Broker Business Member

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    ANZ are great with timeframes usually (along with CBA and NAB).

    A day or two, depending on how busy they are.
     
  5. Shahin_Afarin

    Shahin_Afarin Residential and Commercial Broker Business Member

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    Big question is why ANZ?
     
  6. Jamie_

    Jamie_ Well-Known Member

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    Why not?
     
  7. Shahin_Afarin

    Shahin_Afarin Residential and Commercial Broker Business Member

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    Terrible servicing, terrible rates and terrible all round policy. For example they can't handle more than 2 units on a single title or they charge you $10 for each additional offset requested.

    They just can't compete against the other guys. They had the awesome policy of one years financials but now a few of the lenders are doing this so its hardly a niche policy.

    Ironically they have an excellent commercial and developing finance arm which dwarfs most lenders.
     
  8. Redom

    Redom Mortgage Broker Business Member

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    ANZ's pretty good for niche type lending i find - thats mainly when i go to them.

    As a direct competitor with the likes of Dragon/CBA, they do fall a little behind on a rate/product comparison. They are make big waves in the industry news about how they're going to try and get more business via the broker market.

    In terms of reasons to go to them:
    • Guarantor policy is near best on market. Servicing guarantor available (only on market?) and any relationship allowed.
    • COS policy can be useful when required.
    • Val policy on OTP is great.
    • Cash-out policy is still very good in LMI territory.
    Rate wise they're pretty poor. Product wise their not quite as flexible as their competitors. Hence they're used for specific reasons right now (refi rebate is also decent).

    Over time this may oscillate if they price themselves well again.

    Cheers,
    Redom
     
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  9. MBT

    MBT Member

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    The reason my broker said to go with ANZ is because we are highly leveraged and I also havent got a great base pay, but rather do a lot of overtime.
     
  10. MC1

    MC1 Active Member

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    ANZ is fine mate, don't stress with the other comments
     
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  11. Peter_Tersteeg

    Peter_Tersteeg Finance broker and strategist Business Member

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    ANZ look at overtime quite differently from most lenders. For most investors, they're not a lender that services very well, but under many circumstances they can be quite good and their treatment of overtime and other income outside of base salary is quite generous.

    They're generally not my first thought as a lender, but they certainly do have their niches.
     
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  12. Jason Tyrrell

    Jason Tyrrell Well-Known Member

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    ANZ one of the few lenders who will go with most recent tax return for self-employed. So only need one year of good income as a sole trader or self-employed Also, as Peter mentioned and why your broker may have gone with them, good outside of base salary in general.

    So whilst not real competitive at the moment rate rise, probably due to servicing. Probably best to clarify this with your broker.
     
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  13. Marty McDonald

    Marty McDonald Mortgage broker Business Member

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    Just to clarify this CBA and Westpac / St George are all 1 years financials now under 80% LVR. CBA has been for quite a while the other mob is a more recent change.
     
  14. MBT

    MBT Member

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    Thanks so all the valuable comments everyone!
     
  15. Jason Tyrrell

    Jason Tyrrell Well-Known Member

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    Yeah there a few other options Marty...but as you say some are only applicable under 80%.
     
  16. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

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    I don't mind Anz - yes their pricing isn't too sharp at the moment but I think they have some great policies - especially for investors.

    In particular - their transparent cash out policy for deals within LMI territory is the best out there (IMO).

    Their serviceability calc has never even that great - but now most other lenders have joined them.

    Cheers

    Jamie
     
  17. TaylorChang

    TaylorChang Well-Known Member

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    ANZ is good with oversea income policy compared to rest of big four banks
     
  18. Corey Batt

    Corey Batt Finance Strategist Business Plus Member

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    Agreed - they have some niches which can be relied upon enough to submit a deal, rather than rolling the dice and hoping for the best approach with a policy exception.

    Just another tool in the toolbox, than your standard fodder for every investors portfolio.
     
  19. Watson1

    Watson1 Well-Known Member

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    Yep, ANZ are reliable and consistent.

    If I had a 7 day settlement, ANZ would be on top of my list followed by STG/BOM.

    I find their BDMs the best of the lot as they tend to recruit internally from credit.

    I am a big fan of them and their servicing is not as bad when used early on, probably better than WBC, NAB and CBA for someone with only owner occupied debt.

    Too bad their pricing is poor.