Issues with Home Loan with Heritage Bank - Applied via Broker

Sshanaz on 22/05/2018 - 08:00

I applied for Home Loan via broker with Heritage Bank on 8 May and I am yet to receive any update from bank. Here are details of events so far.

  1. Bank staff didn’t pick up file for first 6 days though their current ETA is 3 business days.
  2. After broker followed up, it was advised that their income/expense calculator has been updated and assessment completed by broker does not match with them.
  3. Broker escalated the matter and spoke with their Senior Credit Assessment Officer. Broker advised that they spent half an hour over phone doing row to row discussion around income/expenses and they eventually agreed on $10k lower loan value. I gave my go ahead with this amount.
  4. I was advised that they will make a decision within next 1 day. It’s been 3 business days and I am yet to hear any update from bank. Broker kept on saying that they escalated but it’s not bearing any fruit.

Bank has not asked for any additional documents or clarification on any point so not sure what they are up to. Bank won’t tell me progress as the loan was applied via broker.

What could I do in such circumstances?

Financial

Comments

  • [Deactivated] on 22/05/2018 - 08:05

    Be patient grasshopper

  • MarsTitan on 22/05/2018 - 08:06

    Be patient and wait. The smaller banks generally take a bit longer time for loan approval. Good luck!

  • djkelly69 on 22/05/2018 - 08:33

    So it has been two weeks? That is about the normal turnaround time for a loan application. I have known loan applications to occasionally take two months or longer.

    As above, just wait. No-one here can help you.

    • Sshanaz on 22/05/2018 - 08:42

      As they advised ETA of 3 business days during application lodgement, I was under the impression that it won't take 2 weeks.

      I guess I would have to wait as reaching out to other lenders will result in another credit check.

      • boomramada on 22/05/2018 - 09:41

        Its normal to be delayed, talk to your conveyancer, he or she will talk to sellers conveyancer. This happen all the time. Exprence conveyancer usually know how to handle these situations.

      • angelkulit025 on 22/05/2018 - 09:45
        -2

        As they advised ETA of 3 business days during application lodgement

        If you have applied straight with the Bank and not through a broker it would've been 3 business days IMO.

  • LyleT on 22/05/2018 - 09:49

    I'd suggest calling Regional Australia Bank! Absolutely exceptional experience.

  • Sofie519 on 22/05/2018 - 09:53

    3 business days (to Conditional) refers to lodgements with all documents in order. Your situation is not uncommon as there was a discrepancy with the income/expense lodged. Just remember that if there is an error, every back and forth incident puts you at the bottom of the pile. Even when the broker escalates it, it is escalated to the bottom of all the other escalated files. And you also need to take into account weekends, which means it's not counted~

    Heritage Bank is averaging 12.69 business days to unconditional (this is also straight up lodgements where docs are in order. So your's is fairly much on par atm.

  • drup on 13/06/2018 - 21:03

    Have you had any updates yet OP?

    • Sshanaz on 22/07/2018 - 15:45

      Got my loan eventually.

      • coolsteps on 04/08/2018 - 23:09

        congrats. was it owner occupier or investment? at what rate?

        • Sshanaz on 11/08/2018 - 11:01

          It's investment @4.09% fixed for 2 years(PI payment).

  • Shah79 on 11/08/2018 - 23:29

    Congratulations. Yes the banks are scrutinising all the expenses in detail at the moment. We are finding that the big 4 are refusing more and more loans and the smaller Banksy are not setup for the new workload coming their way.

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