I had a refinance with one of the major banks. It's been a months but until now I don't have any result, the last update is referred to senior assessor. What does it mean? Why my assessor cannot approve my loan yet?
Please help thanks.
Refinance with Major Bank - Has Been Months without Approval
Comments
they've ask me for payslip and after that i dont have any update
Do you need help in contacting the bank again?
Did you give them your payslip?
What did they say when you followed up with them?
when i give them the payslip, after that they told me that is on the senior assessor already not the one who assess my loan. so after that they didnt have any response yet
Most of the time it is just incompetence. Just follow them up firmly and politely
I found the only way I could get CBA to do ANYTHING was get the ombudsman involved. You’ll be amazed how quickly it’s resolved once they’re involved.
they've ask me for payslip and after that i dont have any update
Imagine a world where people can take out a loan and the only thing the lender looks at is the value of the collateral. Borrowers could apply for a loan and have it approved or denied in a matter of minutes instead of days, weeks or months.
so true mate
And people could end up with loans that they can't afford, and end up losing their homes, then complaining on Ozbargain about it.
Loan to value ratio is important - but borrowers also have to be able to service the borrowing.Borrowers nowadays are overleveraged thinking that borrowing a massive amount of money to buy a home is a right. The LTI ratio is somewhere between 4.0x to 7.0x depending on the lender with 4.9x being the average. Compare that to the 2.25x LTI ratio in the 1930s. Lenders can stop handing out debt like candy to people that can't afford it by lower the LTV ratio to <50% and the LTI ratio to <3.0x.
How does a lender confirm the value of someone's collateral in mere minutes let alone confirm they are the owners of that collateral?
"Oh right, so you own this building called Trump Tower in NY and it is worth $20M? Great, here is your loan for $800K for a 1 bedroom flat in Dee Why then…"
Assets once tokenised can be verified with a few clicks. It works similar to how financial institutions verify their customer's ID. The process of going into a branch for an ID check has now been replaced with code.
https://www.investopedia.com/news/how-blockchain-technology-….
Verifying a person's ID is pretty much finite and quantifiable. Verifying the ownership of an asset like real estate could work (although not everyone has real estate or other tracked items such as shares as their collateral assets). Real Estate can currently be easily tracked using the Lands and Titles registries anyway so not much gain there.
Now, verifying the value of an asset in a fluid market is a different ball game.
because of the covid and repossessions they've been very busy so prob the reason why
is there any problem if they refer you for senior assesor for approval? but my assesor is really happy on documents that ive provided
no idea can't do much about it anyway, just follow it up every few days for a few min and get on with life lol
hahahaha nice advice mate
and panic buying of property. Seems like panic buying toilet paper, pasta then PPE, second hand cars, now property. This country has gone nuts.
Why are you refinancing with a major?
There are plenty of smaller financial institutions with great rates, low to no fees, who would love your business.Wow, mine was approved in less than a week. Not a major bank though. Will be approx 1 month from first contact to funds transferred.
Hello, this is Steve. I'm senior assessor at one of the major banks. Thanks for message me on OzBargain it is fastest way to contact me. Please reply to this message and I will respond with your application outcome. Thank you for banking with major bank.
Steve do you think you can give me about 500k for a reno? I'll do a good job and I'm good for it. Cheers.
Hello Fred,
your money is important to us. Your expected wait time is 7-67 days.
Applied for business credit card with Westpac 8 months ago, have not heard anything back yet, about 6 months ago called to enquire and lodged a complain for no communication, no reply back either.
Same here, applied with west pack, been 2 months already, still not approved, bloody CBA charging 4.55 interest rate and service fee as well….i don’t know what to do now.
4.55 ? Damn that's too high. I am with NAB, mine was 3.88 %, I called them and asked if my rates can be adjusted and they did it in minutes.
May be call CBA and check with them.
Call them, they cant do anything
Get the broker, they will work out a good deal for you. Is your LVR less than 80%?
Why Westpac?
$3000 cash back
St George is doing $4000
Don’t give them anymore time. Get the ombudsman on the case.
The only way they’ll pick up their game is if every (profanity) gets picked up. Be brutal, you know they’re going to be.
Unless your ability to service the loan is borderline and/or poor credit rating, I would tell them to forget it and apply with another lender. There's plenty of choices and lenders are hungry for quality borrowers. It should not take more than 1 month to be advised if you are successful if it is a straight forward home loan and everything stacks up.
I 'think' that the fact that he has applied would be on his credit history and count against him.
In todays banking world of shovelling money at everyone, drawing their feet regarding your application speaks volumes in itself as being of a major concern.
Do you think you deserve the loan? Can you pay it back?yes my loan is around 650k, and when the lender compute i can borrow up to 750k so i think i can service the loan, they told me they the senior assesor computing the servicing of the loan before they approve
Sounds like a friend of mine when looking to buy a house. The salesman, I mean “loan consultant” said sure we can do it for you no problem. Even gave him a letter saying he was preapproved. Later when he narrowly missed an auction because the building report was not up to standard he put an offer on a house only to find the bank decided that he didn’t fit their criteria anymore. The rules have been all over the place since the banking RC. I would be trying several banks and not just dealing with commission sales people.
but they've already pass the valuation process
They will value it at purchase value unless it’s way off. I’d be more concerned about your credit worthiness with them. I’ve seen some really good people miss out on loans after a thorough credit check often because of applying for loans too often or change of address, anything really that gets registered on your credit history. Sometimes it’s just an enquiry they had at a retail store for free interest. All that goes on the record. Then the algorithms take over.
They sometime do upfront valuation to make things happen faster. So, for valuation being done may not mean a lot somtime. But they should tell you why there's no progress.
Why did you picked Westpac in the first place anyway?
i just want to know, for all the requirements ive given to. and for the last pending requirements which is my payslip and my husband. is there any reason that they may decline my application>?
Sounds like ur husband wasn't adequate collateral
The bank is just one of those old institutions that’s been around for ever and super inefficient with modern day process. They wanted me to fax in a request before they can look at changing my loan account, and cause there’s no tracking and different ppl handle the fax machine and the account, it of course got lost and I had to go in to branch and fax again with their machine. I can’t wait till Elon musk or BeZo come send a rocket up the Whole industry and disrupt the crap out of everything.
Elon musk or BeZo come send a rocket up the Whole industry
Fintech isn't their wheelhouse. This space belongs to guys like Vitalik Buterin, Alex Mashinsky, Stani Kulechov, Andre Cronje, Rune Christensen, Robert Leshner, Hayden Adams, etc. These guys are running rings around legacy finance and making a killing at the same time.
Turnaround times at Westpac have been awful as they have been inundated with application as their variable rate is at 2.29% and $3,000 cash back.
First touch will be 30 business days , and any follow up action ( providing a pay slip in your case) can take 10 days.
Referred to senior credit can mean lot of things ,
High LVR deals, policy exceptions , and too many credit enquiries on your file can prompt to send your file to a senior assessor.so what will i do then? they told me my file is with senior assesor for formal approval? is that means its ok?
Any update on loan approval?
What did one of the major banks say when you asked them?