Lender with Fastest Processing Time for a New Home Loan

• 

  jimbobaus on 09/12/2020 - 14:19

  +3

  Most banks promise a 4-6 day turn around

  BUT
  every time they ask for clarification/documents the clock starts again.
  Our recent home loan through NAB took 26 days from application to approval
  We literally did not have any reasons for delay other than they "needed clarification"
  nothing was holding us back (serviceability, credit report, assets etc)

  Westpac/St George/Bank SA : all use the same team to process loan applications

• 

  RM on 09/12/2020 - 14:21

  +4

  You got confused between a mortgage broker and Ozbargain…

• 

  waterbottled on 09/12/2020 - 15:03

  +1

  When does the promotion end? Our broker said banks stop processing home loans from the 4th of December until after Christmas break (take that for what you will). He had to push really hard every day to get our loan through before that date.

  • 

    macr0hard on 09/12/2020 - 15:06

    thanks for that info. Might as well forget about this promo then. It ends 31/1

  • 

    jimbobaus on 09/12/2020 - 16:21

    Not sure what bank that is… our loan was processed after 4/12

• 

  Reliance finance on 24/12/2020 - 02:11

  I would go with NAB first and draw out equity up to $250k and clearly mention the purpose of cash out.( they are the only lender who would allow this)
  Now your loan balance of $250 k will qualify to receive the $4000 cash back with bank of Melbourne. ( minimum loan is $250k)

  • 

    macr0hard on 25/12/2020 - 13:53

    What do you mean by 'they are the only lender who would allow this"? other banks dont allow cash out? Like taking the cash out completely not leaving it in the offset account?

    • 

      pndl on 25/12/2020 - 14:32

      Banks don't like cash out. Depending on your cash out amount and reason it may not be approved. Anything more than 50,000 cash out there will be more scrutinity. For investment purpose, banks will want to consider your financial background, whether you got financial advice, your investment strategy, etc. For renovations, they might want a building quote.

      • 

        macr0hard on 25/12/2020 - 14:42

        so if you had the money sitting in the offset account they wouldn't let you take it out??

        • 

          pndl on 25/12/2020 - 14:56

          @macr0hard: This is before loan approval, before the money is in the offset, you need to state what you intend to do with the money. That reason will need evidence. A big amount for "investment" may not be approved. Like the poster above said maybe 250k Max. You might want to go another 50k for holiday and 50k for renovation. Once its in the offset you can do whatever you like.

          • 

            macr0hard on 25/12/2020 - 15:20

            @pndl: ok i'm super confused now, maybe my original post was not clear lol. The property is fully paid off, so even going to NAB would still require loan approval before anything can be done/taken out right? Unless you're saying take this paid off property to NAB and tell them to give $250K cash out as a loan? Sorry guess I'm not very well versed in this area :(

            • 

              pndl on 25/12/2020 - 20:11

              @macr0hard: I think we are talking about the same thing. Assuming your loan is paid off and closed, you will need a loan application and approval. If you are getting a loan on a property you already own, as opposed to buying a new property, colloquially this is known as 'cash out' loan.

              • 

                macr0hard on 25/12/2020 - 20:40

                @pndl: Oh I see. Thanks! I wasn’t aware of the term. But the process is the same as a normal loan?

                • 

                  pndl on 26/12/2020 - 08:50

                  @macr0hard: Yes. It is, except the lender will ask some questions about the purpose of your loan. And it just be reasonable, they won't lend you 500,000 for a "holiday", for example.