Wwyd? Wait times loan approval

Hi all - need some advice re next steps
FHB couple - pre approval months ago. Ended up signing on a property 1 week ago. Bank valuation completed in cooling off prior. Bank have promised the turnaround time for formal approval twice now but not delivered due to admin issues but no issues with the loan (via broker and in writing).
Settlement date will be in 5 weeks now and counting. Solicitor waiting.
At what point do I panic/switch broker/do something else? I am becoming concerned I will not meet settlement date (not too concerned the loan will not go through).

Any advice appreciated! Totally understand wait times and backlogs - but not quite understanding the continued lag after pre app and valuation.

 

Are you locked in?
If not request an extension to the cooling off period
If so, there is still plenty of time so too early to panic - wait a few more weeks for that. You could try another lender as a back up, but take advice from your broker.

 

5 weeks is a lifetime. I think you should just sit patiently.

 

As Terry pointed out, just extend the cooling off if possible.

The majors are a little slow right now. Don't think it's your brokers fault, so no need to change him.

But maybe look at other options with other banks like ING and Mac bank who has a faster turnaround time?

 

Thanks. Do you mean extend the settlement period? Cooling off been and gone.

I’m assuming 4-5 weeks is enough for back end processes after formal loan documents come in?

 

in that case you could not extend cooling off period. no reason to extend settlement and the vendor would likely not agree. You could settle in a few days if you had the docs so 4 weeks is still plenty of time.

 

Care to tell us which bank? Most of the major banks are moving at a snail pace at the moment. NAB is the only one I'd say is acceptable (and they've had their share of issues over the last year).

Second tier lenders have much better service and in many cases are cheaper than the Big 4.

 

Banks are slow, demand is higher than ever and things are taking a bit longer. This is across the board largely - even the fastest banks are pushing out their timeframes a bit.

Pick up the phone, speak to your people and hopefully they can allay your fears.

No need to stress too much about it based on the factors you noted, sounds like its all under control other than timings being slow.

 

As @Redom said, talk to your team. We recently waited 2 months for formal approval through commbank after signing. All under control by the broker throughout.

 

Yes as long as all docs are in order should be able to fund within that timeframe.