Hey guys,
To all the brokers out there, is anyone else having issues with getting approval for a finance increase through CBA?
My servicing is strong and save $400 a wk and have done for couple of years now, have a few properties that are all cash flow positive and have a decent equity position to allow the increase putting the asset at 90%.
last increase went through in two days and that was only a few months ago- it's been over two weeks and my broker says that the assessor is dragging their feet. Anyone else having problem through CBA?
Cheers lads
They're assessment times have blown out a little – but not by that much.
Was there a valuation required? That can drag things out.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Hey Jamie,
Mate the valuation was done over a month ago- not sure what the go is
OK – in that case, your broker will be able to provide a more specific explanation. There's something holding it up – they will be able to find out exactly what this is.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Agree with Jamie their is something up here.
Don't get me wrong I have nearly a dozen SMSF deals with AMP Bank and they are so far behind it us not funny.
ME Bank and others are out to 8 days + due to the volumes going thru.
Suggest you get your Broker to make some calls and see if the deal can escalated.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
CBA was running at 5 days but now its around 3 days because they worked over the weekend.
Is your total borrowings with CBA over $1mil because it will go to LMI and that will create blockages.
Other than that I suspect the broker (sorry I don't want to blame the broker) may have forgotten to send the necessary information the first time around which causes assessors to question things and once that happens then they start asking for further information/documentation which they may have not asked if the application was structured correctly at the time of submission.
TheFinanceShop | Elite Property Finance
http://www.elitepropertyfinance.com
Email Me | Phone MeResidential and Commercial Brokerage
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