Hello experts, I am a first home buyer and I and wife have decided to make that big leap into the property market. We have steady govt jobs. Looking for something in the Western suburbs of Melbourne- around/lesser than the $600k. 15-20% deposit no issue. Approached a mortgage broker almost 5 weeks ago and started the process. After delaying/incommunicado for days, yesterday he comes back and says to resend some of the forms,which we promptly did. Again no answer. The only reason we went with him was that he's the son of a close friend of my wife's. Now, I am totally frustrated,seeing so many desirable properties gone,Hoppers/Werribee/Tarneit. Should I give it few more days or immediately look for another broker. How long does the pre-approval process take? Sorry about the long rant. Any help/advise would be really appreciated. Thanks
Understand your frustration. Have you called and asked the reasoning for the delay? Good timing with the change in stamp duty in Victoria to be ready by 1st July
He just texted yesterday asking me to send a "clearer" of my driving license as,apparently the bank said it is bit blurred and also the latest payslips. Told him that of course the bank would need the latest since it got delayed so much. Everything was mailed to him,again,yesterday afternoon. Said he'l call back.Not picking ph or replying to the texts we have been sending since yesterday..
It doesn't sound like you are in need of urgent advice to me. Have you entered a contract? Who is the lender? Pre-approvals can take a long time at the moment. Some lenders are not even accepting pre-approvals, and those that are, some are not devoting any time to them, they are focusing on the deals are that unconditional.
It sounds like something has been lodged already - which Lender? Some are faster than others - some are horrifically slow. Otherwise why not put an offer on subject to finance? That way you're in but covered if finance doesn't pan out.
Even if a close friend in some way, consider switching broker. Of course issues with that if application is already lodged. A broker should be one that communicates in a way you are comfortable with. I like to be kept informed, even if some of the communication is a polite acknowledgement. Alternatively, they should set/manage your expectations for the processing times of the lenders they are dealing with.
Time to move on, there shouldn't this long a delay. Also completely excusable to continue to ignore attempted contact. Might be worth skipping a broker and dealing direct, especially if it's for PPOR. Pre-Approval direct shouldn't take longer than 1-5days direct
