Westpac App Enquiry

Discussion in 'Loans & Mortgage Brokers' started by AlexFHB, 31st Jan, 2017.

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  1. AlexFHB

    AlexFHB Member

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    Hi All,

    Application with Westpac since Wednesday afternoon last week with full valuation already done and complete prior to application, 95% LVR with capped LMI so understand that LMI will take some time but am turning to Whirpool as broker is often non responsive at the best of times considering platinum status with WBC.

    How long are unconditional approvals taking with WBC at the moment and how long does LMI take considering WBC do it in house. Just trying to get this done as quick as we can as this has been ongoing for a while :-(

    Thanks
     
  2. Jess Peletier

    Jess Peletier Mortgages, Finance & Property Strategy Aust Wide Business Member

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    Ring the bank directly for an update - sometimes this can be a better option than waiting for a non-responsive broker.
     
  3. AlexFHB

    AlexFHB Member

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    Thanks Jess! will definitely give that a crack :)
     
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  4. AlexFHB

    AlexFHB Member

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    Hi Jess, called the bank and they weren't helpful at all lol asked how it was lodged and said youd need to follow up with the broker- UGH lol on it goes haha
     
  5. Corey Batt

    Corey Batt Well-Known Member

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    Stop stressing!

    Depending on the lender and questions, they can go back and forth for days/weeks. Have you emailed your broker? Generally an email is more likely to be responded to than phone calls, as just as you're calling up your broker so too could 100's of other clients at any one time.
     
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  6. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    I know u mean well

    the last time you told your spouse that Im sure it worked for you :)

    ta
    rolf
     
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  7. albanga

    albanga Well-Known Member

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    I know where you are coming from mate but you just need to relax and understand the process.
    It's likely the broker isn't calling you straight back because they don't have any update since likely the last time you spoke to them (probably yesterday).

    Your in a queue awaiting assessment and how long that is going to take will depend on many things! A competent broker would be a good start and ensuring they provided all the required docs.

    Your also at the maximum LVR allowed under policy so expect your application to be looked over with a fine tooth comb.
     
  8. Jess Peletier

    Jess Peletier Mortgages, Finance & Property Strategy Aust Wide Business Member

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    Regardless, a good broker understands FHB nerves and should be giving regular updates even if nothing is happening.

    @AlexFHB When was the last time they spoke to you?
     
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  9. AlexFHB

    AlexFHB Member

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    Hi all thanks for your replies.

    Got a response from the broker today that he hasn't had any updates yet confirmed he'd been out all day doing appointments so will wait to hear some more tomorrow

    I'm just resolving to the point it will take some time

    Thanks
     
  10. JetstreamVic

    JetstreamVic Well-Known Member

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    I think in your FHB nervousness you have your forums mixed up. This is PC, not whirlpool lol

    Good luck with the application, one of the best feelings riding the rollercoaster all the way to picking up the keys :)
     
  11. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

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    Haha - those magic words are never spoken in our household.

    Cheers

    Jamie
     
  12. AlexFHB

    AlexFHB Member

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    Haha! Thanks everyone will keep everyone informed and updated
     
  13. dabbler

    dabbler Well-Known Member

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    Wow, wait till you try some smaller banks or non bank lenders, some drag the chain so much it is not funny !

    At that level LVR it will be the insurer taking time at a guess.
     
  14. AlexFHB

    AlexFHB Member

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    Hi everyone,

    seeking opinions and if you feel I'm being to antsy or asking for to much let me know!

    Received an update from our broker this morning totally about 8 words: 'Westpac will be working on your file today"

    Is it wrong as a consumer to be expecting more than that as a reply, saying there working on it today doesn't answer my other questions around what stage it is at?

    Granted we are stressed about the process but our broker should be able to advise were it is upto

    thanks!
     
  15. pinkboy

    pinkboy Well-Known Member

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    Even an 8 word response is at least a positive response. Your broker probably emailed his Westpac BDM for an update and probably got a 4 word response: 'Working on it today'.

    What date is your unconditional? Many banks work towards these milestones when they are under the pump and being reactive to each priority file. If your file is not needing unconditional for a week or so, they will madly be doing unconditional approvals for today and the rest of the week.

    Id say relax until a day or 2 before unconditional, giving yourself enough time to ask for any extension if required.

    pinkboy
     
  16. Jess Peletier

    Jess Peletier Mortgages, Finance & Property Strategy Aust Wide Business Member

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    If they're working on it today, you should either get an answer or a request for more info.

    If you don't hear back by tomorrow morning, follow up again with your broker.
     
  17. dabbler

    dabbler Well-Known Member

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    Be happy with that, there is not more the broker can say anyway as they are not in the internal workings of the process, so they know as much as you at that stage IMO
     
  18. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    Depending on where its at, sometimes the less of the detail one knows the better.................... very similar to some medical procedures

    ta
    rolf
     
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  19. AlexFHB

    AlexFHB Member

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    Hi all loan went to unconditional today so extremely happy thanks for all your help
     
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  20. tobe

    tobe Well-Known Member

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    lodged wednesday? Or signed Wednesday and submitted Friday after oz Day...

    3 days is a pretty good turnaround, with LMI and most likely a full val at that lvr.