Should I get a new broker?

I am in middle of getting equity out of a few IPs and post that get approval for a new loan for PPOR.

I usually had no issues with my broker in the past, but this time its been a nightmare chasing to get the equity cashed out and then start the loan approval process.

I have been chasing this process for at least 2 months. I understand the banks are a bit slow lately with applications, but I believe this is even slower ..

My question is can (and should I) go looking for a new broker while mine is in middle of it.

The broker has submitted the application for getting the equity out the IPs but not started the actual loan application.

I am planning to bid in an auction next Saturday, but at this pace it looks unlikely.

 

Yes banks esp the big 4 are slow. However 2 months was ample time to get organised... If you started the process 2 months ago.

Another thing is also to discern upfront which lenders to go to, to begin with so expectations can be managed. Some have 24 hour turn around.

At this stage best to let them run with it. They obviously wouldn't be lying to you and have invested the time in the process. You'd probably be withdrawing applications and also their work would be void. Brokers are remunerated on success so if they have done you good and invested the time, give them the opportunity to fairly deliver.

 

I understand and that's why the question, should I change them.
I am not one who would change them on a whim or just shop around for the sake of it.
I have been with my broker for 10 years through 4 properties and fair few equity release and refinances. I am not getting the same commitment or timeliness from them. When I say timeliness, it's not Covid related.
Anyway, I get the drift that I should stick around. I hope I don't miss out on the auction.

 

Westpac or ANZ?

 

ANZ

 

Have the equity releases been approved?
If so, what's the reason they didn't use the approval letters for the pre-approval application?

Good luck with ANZ. Their timelines atm are circa 20 odd days to review submitted files to make sure it's complete and another 20-25 days to even get to the assessment stage.

They slowed down further from early May. Depends when you submitted.

 

I have been told its in process. The paperwork is done and submitted, but have not recd the cash in my acocunt yet.

 

Do you have an approval letter for the cash out?

 

Have you voiced your concerns with them directly? That would be the first step imo, give them the chance to rectify it, they may not be aware that's how you feel about it.

 

I did 2 weeks ago. Giving them a few days now to see if I hear back from him. Else, I will move on sadly.

 

You could get a new broker to submit the pre-approval for you. At least that could come through in time - if next Saturday is mext week, not THIS Saturday.

TBH, with the amount of compliance brokers need to do, you might be best off going direct to branch and getting a pre-app done - tends to be quicker, but you want to be sure the application has been fully assessed, not just auto-generated.

 

So you spoke to him directly via phone call? What was his response?

 

I figured. Their timelines have blown out significantly in the last month.....

 

Via phone call. He gave reasons initially and I gave him benefit of doubt. Then reasons for more delays which felt like excuses.

 

Guess it's up to you to decide if the reasons he gave are valid or just excuses, if you don't feel valued then sure go elsewhere but what if they are valid reasons?

 

That's my conundrum. He never failed me before and I had no reasons for distrust until a few months ago.
I am positive about his integrity and work ethics. But feel that he probably has some thing else more important going on in life and doesn't want to disappoint me by saying no.

 

why not say i need you to get that lodged by xx or I am leaving.

 

I just messaged and did, as my call went on voicemail.

 

If you have approval letters for the cash out, there is no reason why the next application couldn't have been lodged.

Did you decide which lender?