Which Bank?

[BorisS]

Hi All,
I know this question must have been asked before.
But which bank would you recommend is the best for quick turn around
for approvals, etc ?
Or is it depends on the person you deal with?
A big bank that I deal with right now is very slow to move and takes
a long time to get things done. Not to mention the slopiness in operations.
Documents are being missplaced, lost, you name it.
If the person goes on holidays or is sick the process stalls.
Obviously from my viewpoint it's not good as I miss out on opportunities.
Can you recommend a bank and/or a person in Melbourne?
Much appreciated,
Boris

 

[madmurf]

Got to be careful mentioning Banks as they could be watching.
Ive had the same experience and have learnt to not assume they are handling your loans correclty.
Having also recently moved back to WA I used the same bank with a lot better experience.
It really depends on the local area Branch and its managment.
Ask the locals.

Cheers

 

[Kristine..]

Boris

My quickest approval has been six (yes, 6!) working hours from lodgement through to conditional approval.

This was a loan I had put to one lender, was refused, so I had the customer sign another application form, rang my BDM and said 'It's on it's way' and the rest is history.

Homeside were terrific (always are) however my first choice (un-named) have always been just fantastic, however this application was marginal but worth a try for the higher LVR if we could get it.

A lot depends on your broker, how hard they are prepared to push, whether they will really actively follow through. If you broker has been losing things or not actively following through with the lender and the lender has been losing things then personally I would be 'Asking Questions In The House'!

Good luck

Kristine

 

[BorisS]

That's fantastic Kristine.

It sounds too good to be true.

I still have hope!

Adios

Boris

 

[JP1746]

Got to be careful mentioning Banks as they could be watching ...

Yeah ?

And so @&X*&%#! what ?

 

[BUNDY]

My experience it is all to do with the relationship you have or need to build with a person who works for you and the bank. If your current bank contact is loosing documents and not advising you when they are on holidays it appears to me they are not working for either you or the bank and you should both get rid of them. Ask to see another loans person you have 2 very good reasons and nothing to loose.

My bank (one of the big 4) manager has informed me a loan approval will now take up to 3 weeks for approval. At least he has told us in advance before I need to borrow. All that means is I will start the process of preparing my figures 6 weeks before I need the loan. Did I mention my bank manager and I have a good relationship......yes it is possible but it has taken 15 years and 5 banks to find him.

 

[Mikhaila]

Bundy said it all. It isn’t a question which bank but who you deal with at the bank.

Most importantly however, it is much easier to organise your finance in advance before you start looking for the deals. It is a stress free exercise in this case.

M.

 

[BorisS]

Hi Mikhaila,

In a perfect scenario you can organise your finances in advance.

But how do you know how much you might need?

Do you ask for the maximum? You might be faced with the situation
when you can see an outstanding deal but above your price range.
However, if the return is high and turning into CF positive you might
be able to borrow more and convince the bank that you can do it.

Aslo opportunities pop up every so often and you are not always "ready".

So if you have an understanding and responsive bank manager you
can do so much better.

Just a thought

Boris

 

[keithj]

In a perfect scenario you can organise your finances in advance.

But how do you know how much you might need?

Do you ask for the maximum? You might be faced with the situation
when you can see an outstanding deal but above your price range.
However, if the return is high and turning into CF positive you might
be able to borrow more and convince the bank that you can do it.

It's your job to be ready for opportunities and by creating the perfect scenario.

You'll be limited by either servicability or available equity. So ask your lender what is the max you could borrow based on your equity and also based the expected yield you are targetting. It will give you a good idea of roughly how much they'll lend you.

Some lenders offer a Home Seeker product where you haven't found it yet, but an offer of finance is valid for a period.

Some investors create the perfect scenario by having the cash (or other liquid investments) available to buy IP without requiring finance, and only afterwards look around to find suitable finance without any pressure of deadlines.

 

[Mikhaila]

Hi Mikhaila,

In a perfect scenario you can organise your finances in advance.

But how do you know how much you might need?

Do you ask for the maximum? You might be faced with the situation
when you can see an outstanding deal but above your price range.
However, if the return is high and turning into CF positive you might
be able to borrow more and convince the bank that you can do it.

Aslo opportunities pop up every so often and you are not always "ready".

So if you have an understanding and responsive bank manager you
can do so much better.

Just a thought

Boris

Hi Boris,

Most people I know do much better with finance sorted in advance. It gives you an opportunity to think what you need, cost it and go for it subsequently. There are different ways to achieve what you want. Some ways are easier than others, it is an individual choice which one to pick.

Just reflection of my experience.