Commonwealth Bank - Additional Loan Delay

LGabehcoud on 10/09/2018 - 16:36
Last edited 10/09/2018 - 16:37

Hi guys,

applied for pre-approval through CBA (via a broker) for a loan of around $180k for an investment property around 5-6 weeks and was getting no where fast. Fast forward to around 2 weeks ago and we had an offer accepted on a property for $190K subject to finance at 30days.

The broker now said it would be resolved with CBA within 3-5 business days as pre-approvals are very low priority. Accepted offer was forwarded to the Broker last Tuesday and we were advised we would have an answer or a date today (Monday). The bank has advised nothing will be known until the 19th now.

Is anyone else having issues getting loans pushed through for CBA lately or applied recently and been approved in a reasonable timeframe?

n/b Currently have an owner/occupier loan with the CBA

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Comments

  • Sofie519 on 10/09/2018 - 18:02

    CBA is not the best lender to deal with but sounds to me like it's your broker who is the issue. Though it is true, pre-approvals are not a priority 5-6 weeks sound more like late submission, missing information or lack of broker followup.

    Fast forward to now, you have a contract of sale in place and a settlement date (not officially but the broker should know what needs to be said to bring the application up).

    Change brokers, it's seems your 190k investment purchase is not enough for this broker to pick up the phone and call CBAs BDM to escalate the application.

    Personally the only thing I would put through CBA is a red hot poker …

    • Gabehcoud on 10/09/2018 - 18:04

      Thanks, thinking I may need to do just that.

      • HighAndDry on 11/09/2018 - 10:20

        What? No! Your broker might be the issue here, but at this stage changing brokers makes no sense because it'd complicate your entire finance process anyway.

        Also, yeah noone is really going to take a 190k loan that seriously, but I can't see anything here that'd actually hold up settlement.

  • miwahni on 10/09/2018 - 21:05
    +2

    Heard on the grapevine just last week that CBA third party channel has been absolutely smashed recently and times for all approvals have blown right out, so it might not be your broker's fault. Reports that their credit peeps have been doing insane hours, trying to catch up.

    • Gabehcoud on 10/09/2018 - 21:38

      Good to know. Thanks for the heads up. Broker is going to give me a call tomorrow to touch base. I'll cut them some slack.

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