So I went to apply for a home loan today with Westpac (over the phone) and was told that I would need to wait 2-3 weeks just to get an appointment to submit my application.
Anyone experienced this issue?
Westpac Home Loan Application Wait Time
elgrande on 06/06/2021 - 15:48
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just apply through a broker. 3 weeks for approval in my case
+1 for the broker, they are much better at pestering the banks and have better contacts than most of us.
How long ago was your approval?
People who bought my place are up to nearly 8 weeks so far with no end in sight :(
My loan for my new place took < 1 week…. but thats with ING.
Doesn't seem so bad…
I've gone through a broker in November last year and atm it's been 7 months since application (St. George). In last month had it approved but still haven't been sent any contracts to sign…
It's pretty slow and tedious.
Had the exact same issue with St George when refinancing our place. Broker said that they have a bottleneck with applications and it's taking ages to process. Finally had settlement occur 3-4 months after initial application.
Are you in a hurry for approval? CBA have most of their approval process automated and have for years, we had a mortgage from application to approval in 2 days with them. ANZ took about a month, and others have been similar.
I would be avoiding Westpac. Approval time is half the battle, the next is the time for them to assess the signed loan contracts after approval
Thats about right.
With all the gov grants, stamp duty reductions etc to stimulate the housing industry etc
home loan apps are at an all time high.
July 1 is the reset for a lot of these offers also so people are applying atm to get their places in various schemes secured.