Friday, June 17, 2011

Finally, finance has been approved!

I won't bore you too much with the details, but organising the finance for this purchase has been a mini nightmare, with one stupid unnecessary delay after another. After a lot of stuffing about, finance was approved today, about a week and a half late.

I pondered on this scenario for a while and I now ask myself are banks THAT BUSY right now that it takes them over 4 weeks to approve a loan to a relatively low risk client? We have NEVER missed a payment, not even close, we have cross-collateralised way below 80% LVR, and the house we're buying a is a solid place which we will be living in. Considering the above, perhaps maybe I should apply to become a bank lender, as I can not see how ANY approval would take any more than 30 minutes. Banks, surely, SURELY, would have a lending criteria tick-and-flick, finance approved or valuations, or not. Come to think of it, a large chunk of the issue was getting to the valuer stage, which is bizarre! I'll role play a lending officer for a moment:

1. Receive loan application
2. Observe on the application that the mortgagee wants to cross collateralise with a list of properties: Order valuations.
3. Continue process of organising paperwork and making an ad-hoc decision based on paper estimates.
4. Receive valuations, approve loan.
5. Go and eat KFC.

So why does this take 4 WEEKS PEOPLE! 4 WEEKS? A load of crap...


Darren said...

Banks/lenders piss me off when it comes to approving finance!

You have a deadline for finance in your property contract, yet they seem to completely ignore that and you end up having to request an extension on your finance deadline.

You think they would be keen for your business, but they act arrogant and aloof like they are doing you a favour...Rage!

Andrew K said...

Spot on Darren...RAGE!

Thanks for your comments!