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Hi, we need some advice about our home loan application
We are due to go to auction on Saturday and been waiting for our mortgage broker to finalise the approval. It has been 4 weeks and we have been promised each day this week the approval is on its way. We are obviously concerned, what should we do and can we call the lender directly?
Responses
Hi Regina ,
This is NOT a good thing
No way any preapproval would take 4 weeks
How did you feel with the Brokers knowledge ??
Was their any reference to concerns ( part time employment, adverse past history, limited deposit )
Do you know the bank the loan was submitted to ?
Would you like my team to conduct an emergency investigation
Without a Pre Approval please do not bid
My email is
Rosco@mylocalbroker.com.au
0411 696 696
Hi Regina,
This isn’t good but it is possible. Westpac for example were taking 16 business days before they were even looking at a file for the first time.
Your broker should probably have been aware of this though and applied for a conditional approval through a different lender.
As Ross said, don’t bid at Auction or within three days immediately before and after the auction without having the conditional approval in place
I’m just around the corner from you if you need any help?
Regards
Scott Howell
0435474498
Thanks, Ross and Scott for your advice. I sent the broker my question last night and lo and behold we have the approval this morning.
We will see how we go tomorrow and depending on the outcome we still may give you a call on Monday.
Thank you
Reg
Unfortunately, we missed out today - is it right approvals last for 3 months?
Yes a pre approval is in play 90 day on the assumption that your position remains the same or improves .
Any amendments need to be passed across to your broker ASAP .
However
When you find another suitable property I do recommend you consult your broker to ensure that Lending markets have not altered in any way
Good Luck
Sorry to hear, there is always another though. Your approval is valid for 90 days as long as the property is suitable and neither your situation or the lenders policy has changed.
As both Ross and I said earlier, if you would like someone to look over your position please feel free to give either of us a call. We can also do valuations and basic checks on the next property you find
Best of luck with everything
Regards
Scott
Outstanding News
Everything happens for a reason
Good luck at the Auction, hope all goes well