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Whats the current turn around time?

Discussion in 'Property Finance' started by Elives, 15th Oct, 2016.

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  1. Elives

    Elives Well-Known Member

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    I'm looking at a property and the agent has told me the vendor wants 14 days for finance and not 21 days he's specified this a few times over the last few conversations we've had and i'm skeptical that if i needed an extension the vendor may not grant it.

    so i wanted to know what the current turn around time is for CBA? as i know for a while there it had blown out over 14 days.

    Cheers, Elives
     
  2. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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    a few weeks ago it was 9 days before they even picked up the file.
     
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  3. JacM

    JacM VIC Buyer's Agent Business Member

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    You are correct to be wary that an extension may not be granted.
     
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  4. Colin Rice

    Colin Rice Mortgage Broker Australia Wide Business Member

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    CBA are running at about 6 days for a "standard broker" application They have teired brokers according to volumes so the more volume you send them the quicker you file gets picked up to be assesed.

    Be aware, depending on the assesor and how much they care about your deal, if there is missing info it may go back in a 3 day que.

    Its doable to get a 14 day finance approval if everyone doess the right thing, especially the applicant with being organised with documents etc.

    Litle things like the applicants scanner doesnt work or the printer is out of ink can hold approvals up. Prooerty investing is a business and needs to be run like one.

    When a client is organised and supplies info requested, accuratley and in a timely manner, this equates to a smooth application process. If not it goes the other way and seems like the broker/bankers fault but actually isnt :)
     
  5. Jess Peletier

    Jess Peletier Mortgage Broker - Australia Wide Business Member

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    14 days should be enough if you're organised and your broker also is. Give everything up front so the assessor can make a quick decision.
     
  6. Corey Batt

    Corey Batt Finance Strategist Business Plus Member

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    14 days will go through if upfront val is ordered at same time, the deal is relatively straight forward etc. The only caveat is that soon as you start having any back and forth its very easy for the timeframes to blow out.

    I'm a platinum (high volume) broker with CBA, right now we're getting simple deals picked up by them in 24-48 hrs, your normal investor deals in 48-72 hrs. (the lender will prioritise a owner occupied PAYG single applicant at 80% LVR than an investor with 4 properties, one applicant self employed etc)
     
  7. cherubym

    cherubym Well-Known Member

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    Melbourne
    @Michael_X managed to get my 2 refinances and 1 pre-approval approved within 4 business days last week with CBA.