Still waiting - 8 working days left till settlement

Sounds similar to my situation - used a well known broker from this forum.

absolutely let me down, had no idea what was going on, and was completely amateur.

if you are still in a pinch, pepper had a sla of 1 day, and not a bad rate

 

Mine is system approved, first tier lending manager approved and needs final sign off from upper line manager. is mine a 'AST' case?

 

I believe in your case, your broker is responsible for it. if all info are supplied on time, you shouldn't be waiting this long before an outcome (either way).

 

AST is only issued after a manual assessment (rather than a system conditional approval) so hopefully that has happened

 

I am not sure. All I know now is, it is system approved, the 1st lending manager approved (whether the 2 approvals are 2 separate approvals or just one, I dunno). Now it is with the Indian assessment team, queuing for my turn.

Why is the assessment team in India? what are they checking? I only got to know it just now. I thought my file was with a more senior on-shore team. Is the Indian team more senior? thinking off-shore teams should usually be junior processing officers.

 

Evidently the lenders that have had more exposure to international operations have had their service levels impacted more than those who are all onshore

 

Hi all, do you actually know, once the offshore assessor starts to touch your file, given all docs are complete, how long does it take for them to turnaround?

 

If there are no questions to ask and nothing missing they could just approve the loan or refer it higher up for approval.

 

Mine is referred to the offshore/India by the local lending team for sign off. The banker told me Indian team can make a decision there.

Anyway, what I don’t get is, why does the offshore team have higher authority than local team here? Given the Covid situation in India now, I am not sure what their efficiency is when reviewing files.

 

I don't get that either. Perhaps management is over there from here.

 

It's been 24 hours since my banker said the assessor in India touched my file. No news yet.

It is killing to wait. How long do they need to review my file for....???

 

They don't just touch it and walk away. It takes time and energy to open a file and refamiliarise themselves with your deal. It should be opened and approved or passes up to someone else or questions asked.

 

Also happened to me unfortunately. Used a well known broker from this forum as well...0 communication from broker side, had to chase everything small thing up multiple times

Will find a better one next time, there are plenty on this forum!

 

Only ANZ can answer that, just keep in touch with them and remind them you have a settlement deadline to meet.

 

Hi first time posting, sorry to hear that this application is giving you so much stress, thinking of applying for a loan as well when I came across this post.

I use to work for ANZ eons ago, not in lending but all the departments had their own processes , red tape and politics that affects the timeline of an application.

I was doing QA for the registration team for a platform, 12th step in the workflow of the entire process, if an application failed QA it would delay the application by at least 1 week, that’s why it’s important to make sure your forms are filled in correctly. Any ambiguity in the forms will raised questions and send back to the relevant team to review.

Any escalation would delay anything in the queue and on goes this vicious cycle.

Keep on pushing but be nice about it.
Hope the settlement goes well

 

Thank you very much for letting me know.....

 

settlement must be due tomorrow?

 

Hi all who tried to help me out in this thread, I finally got my approval last night (it was yest afternoon by Indian time) and the loan offer letter today!

The settlement is next Tuesday. I excluded the settlement day when I posted this thread.

I am at work now so will share more once I am free to talk more to share later today.

 

Ok now.... I just printed off my offer letter and am on the way home to sign..... Have done home loan application so many times, never did I have such a rush..... well, I guess most people are on the same boat this year. Here is some take home message:
1. Trust your broker if you believe you found the RIGHT one. Have some faith in him/her if he/she confidently says yes. I truly have believe in my broker. A few friends and I used him a few times, but I had been stressed over unnecessary stresses.
2. Try not to use the bank you are banking with. Banks don’t ask for some info these days but if they can see, they will check. I wasted 2 wks with CBA and they needed to increase my living expenses hence less time for my ANZ application.
3. If you have just closed some of your credit accounts(incl credit purchases), or refinanced recently. Be aware that the closure may not be reflected in your credit report and the system can’t approve your loan. A manual approval might be required. With ANZ, this means another 2-3 weeks of wait for Indian team to ensure ur credit balance was actually closed. Insane!

Good luck to you all!