Westpac application timeframe?

Discussion in 'Loans & Mortgage Brokers' started by GoodSamaritan, 31st Jul, 2020.

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  1. GoodSamaritan

    GoodSamaritan Member

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    I have a quick settlement due for a place and put an application in with Westpac.

    Originally I was told it would be around 1 week to completion. But now it’s looking like it’s going to be 2 - 3 weeks all up. Westpac are blaming Covid for long queues. I feel bad for my broker as he’s trying his best to escalate.

    Has anyone had any experience getting an application pushed through with Westpac?
     
    GoodSamaritan, 31st Jul, 2020
    #1
  2. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    one week :)

    umm nah, WBC have been at 10 to 30 business days for a long while

    ta

    rolf
     
    Rolf Latham, 31st Jul, 2020
    #2
  3. euro73

    euro73 Well-Known Member Business Member

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    Its pretty bad. 2-3 weeks would be a very quick result at the moment .
     
    euro73, 31st Jul, 2020
    #3
  4. Miles G

    Miles G New Member

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    I’m glad its not just me. We submitted an application on 4th of June. Our broker said 10-30 days and said how good their status is with Westpac.
    Sill waiting
     
    Miles G, 1st Aug, 2020
    #4
  5. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    Could be worse :) we have a refi in with the blue lender, latest advice is 39 working days :)

    ta
    rolf
     
    Rolf Latham, 1st Aug, 2020
    #5
  6. Ben20

    Ben20 Well-Known Member

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    Hi Ralf, what do you mean by blue lender? I am new here; hence not aware of lots of terminology. Thanks
     
    Ben20, 1st Aug, 2020
    #6
  7. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    ANZ

    Blue logo

    ta
    rolf
     
    Rolf Latham, 1st Aug, 2020
    #7
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  8. GoodSamaritan

    GoodSamaritan Member

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    I wish I never went with Westpac. I’ve found them incredibly slow and the staff not very helpful.

    ANZ are at least telling people it’s going to take time. Westpac are still claiming they have a quick turn around
     
    GoodSamaritan, 1st Aug, 2020
    #8
  9. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    Im assuming this was a branch transaction ? Brokers are informed of current wait times, not sure about branch.

    Had a client do a direct duplex build in Feb, so pre covid............3 mths :(

    ta

    rolf
     
    Rolf Latham, 1st Aug, 2020
    #9
  10. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    I had a very good experience with CBA this week. Docs where submitted and there was something missing and some problems with the signatures not matching. This was resolved over the phone and one email and settlement happened 4 hours after the email was received.
     
    Terry_w, 1st Aug, 2020
    #10
  11. GoodSamaritan

    GoodSamaritan Member

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    I am going through a broker. But we seem to be getting mixed responses.
     
    GoodSamaritan, 2nd Aug, 2020
    #11
  12. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    WBC broker can be like that

    had a pruchase approved in 6 days, and a refi that took 6 weeks

    ta
    rolf
     
    Rolf Latham, 2nd Aug, 2020
    #12
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  13. GoodSamaritan

    GoodSamaritan Member

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    It’s very frustrating from my end, not knowing how long things take.

    Do you know what the general process is after you’re pre-approved? Are they generally faster?
     
    GoodSamaritan, 3rd Aug, 2020
    #13
  14. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    Agreed, we deal with it daily :(

    Will resolve seeing they are on shoring some of the process again.

    Pre approval to formal approval is generally ok, since they have a settlement deadline to work too.

    Their legal side has recently been a bit yuk too as we get closer to settlement

    Very costly lender for us wot work with at the moment.

    ta
    rolf
     
    Rolf Latham, 3rd Aug, 2020
    #14
  15. almostthere

    almostthere Well-Known Member

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    It's been little over 2 months Since we applied refinancing with ANZ.. Still waiting.. This is ridiculous
     
    almostthere, 3rd Aug, 2020
    #15
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  16. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    Is what it is .........2 mths , not long now to be looked at.

    The price of the rebate is the waiting I guess

    ta
    rolf
     
    Rolf Latham, 3rd Aug, 2020
    #16
  17. almostthere

    almostthere Well-Known Member

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    Since I applied, my current lender NAB has dropped rate to 2.19% now it is lower than ANZ 2.29% ..Any chance if ANZ can match NAB ?
     
    almostthere, 3rd Aug, 2020
    #17
  18. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    ANZ did have a 2.19 PPOR fixed for a while but ramped back to 2.29 due to a combo of cost of funding and too much work.

    ta
    rolf
     
    Rolf Latham, 3rd Aug, 2020
    #18
  19. GoodSamaritan

    GoodSamaritan Member

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    Do you think rates will drop slightly by big banks?

    I wonder if I can ask WBC to try and compete on rate.
     
    GoodSamaritan, 3rd Aug, 2020
    #19
  20. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    margins on lending period are tight .......

    there may be a view of fund managers that middle term rates will be an issue moving fwd, and we may see PPOR PI rates with a 1.

    BUT, if I was any good at picking rates, id be sitting on my 150 ft tub in the Whitsundays with crew not my 11 ft tinny on the Nerang River :)


    U can always ask !! esp since u have waited for a loooooooooooooooooong time

    ta

    rolf
     
    Rolf Latham, 3rd Aug, 2020
    #20
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