Just wondering how other investors have found Suncorp? Currently going through them for next IP and finding them extremely slow,
I havent used them for a long time. But 10 busienss day turn around time for them is pretty standard.
Not my fave lender Advertise one thing for bait, approve you for something nothing like what you really need They arent the only ones though ta rolf
We have a personal relationship manager with Suncorp. She told us that their loans department has been inundated with applications as they have been advertising some special/low rate loans. We have a property settlement coming up and she specified a settlement date days earlier than it actually is just to ensure all the paperwork is sorted by our settlement.
It took a week from when we got written confirmation to get the actual bank documents to sign. It took 3 days from verbal approval to written approval and 6 weeks to get verbal approval. It has all taken so long I'm wondering about how long to settlement.
The slow turnarounds from lenders are a form of 2 tier marketing strategy Lender's Boards and Shareholder Advisory Boards are super scared of the market power that brokers hold as a group whiteanting their retail businesses. Not that 3rd party distribution costs them more money than retail , but they need time to adjust to drop more and more retail branches and associated fixed costs. Obviously retail branch closures are due to many factors such as digital banking. CBA WBC Group and ANZ are clear examples where the 3rd party network is not properly resourced with the intent that borrowers will be forced to go retail. Market share at CBA needs to be kept sub 50 % according to CBA boards last I read, and the only "legit" way they can hold a blow out to more than 75 % is to place time road blocks. Differential policy and pricing is an obvious no no, although there are times where we send a client to retail simply because we know that some policy things will be overlooked by branch approval. Covid didnt help, especially for WBC and ANZ having most of their processes off shore, but near 12 mths in we still have silly service levels from WBC for eg 27 to 35 business days for a self employed loan assessment to be picked up by WBC ............... WBC are so out of touch that their recently band aided website changes still have a Hotline listed as a primary Policy and Scenario tool..........that was disbanded 7 months ago A broker can jump up and down as much as they like, it cant change fundamental resource shortfalls. These are times where challenging your client around what they really need, vs what they think they want is mandantory especially around education on service levels Meanwhile smaller and nimble lenders can get the same work done in 1 to 5 days, because their primary income comes from the broker network - thats a pretty clear sign what the big banks are up to. ta rolf
One of my golden rules: When you are negotiating, if you think you are in a weak negotiation position, YOU ARE. This is especially applicable to banks. A couple of years ago, I had a $1M I/O loan with StG. The term was expiring and I wanted to roll it over for another 5 years as I/O, StG wanted me to go P&I. I told them I wanted to remain I/O. They said No. I told I would take my business somewhere else. They wouldn’t budge. So I walked. StG lost ALL of my business - two loans and multiple insurance policies. That $1M loan is still I/O today, just not with StG. I believe I am always in the strongest negotiating position as I can always walk (at a time of my choosing).
St George are probably the WORST bank I ever dealt with. They always made me feel like it was such a big ask to do anything. Like why do customers expect us to do anything, such a bother Left them and now screen out any ad or communication from them via a mental block filter.
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