Many banks are currently taking up to 2-weeks to even look at a home loan application and with lower interest rates and business picking up there is no sign that they are addressing these delays.
The delay’s are then adding more pressure.
We all want and expect the banks to act within a reasonable timeframe, but also to take care when assessing a home loan application.
What Can We Do?
As mortgage brokers, we rely on the banks to process things in what we would deem a reasonable timeframe and therefore these delays do cause a lot of issues for us.
When we’re doing a new home loan for somebody, we like to select the home loan that is going to be most suitable as that’s going to make a huge difference to the borrower in the months and years ahead.
Unfortunately, what often happens when banks get slow is that the banks offering the best options have more pressure on them than some of the banks that we would deem not as good.
So that leaves us with a dilemma. Do we go and get an approval from a bank that we know is not as good? Or do we deal with the pressures and delays and try to pursue the bank that we know is the best option?
What these delays actually force us to do often is to apply to both the preferred bank plus a bank that will offer a fast response. That way, we can get an approval that relieves the pressure until such time as we get the actual approval that we want.
This is not an ideal stance, as we end up putting more applications into the banking system, which actually slows down the system for everybody. But sometimes we are left with no choice because we actually just need to get an approval.
What do we suggest that you do?
What You Need To Consider
First and foremost, if you are considering getting mortgage finance or making changes to your mortgage then engage with us as soon as you can so we can get your application in the queue with the bank.
Even if we are not 100% sure or 100% ready.
Our team can help you through the process to get the results that you need.
