Hi - question about a home loan – how do you know if a mortgage broker if offering us the best loan… why just mention ANZ and Westpac, how long should we have to wait for approval?
To find out if a mortgage broker is offering you the best loan, the first thing I would be asking is WHY they are recommending that particular loan or bank and how that bank or loans meets the requirements you have discussed with them.
As for approval time frame it depends on the bank and how busy they currently are. Your broker should be able to give you a rough guide as to how long it should take for the approval to come through. In very general terms it can take anywhere from 24hrs to 4 or more weeks.
If I were doing your loan application I would provide you with a few options so that you can clearly see which product better suits your needs. Some brokers receive higher commissions based on volumes they put to certain lenders but here at Mortgage Choice, me as your broker, I receive the same commission no matter which lender you choose.
As for approval times depends on what you are doing. Is it a purchase? If so, then once the property is valued the approval should take no longer that 5 business days.
Happy for you to call me
All mortgage brokers have software which should select the best loan for you based on your situation which you would have outlined to the broker. If you are not certain that you have the best loan, it may be best to get a 2nd opinion.
And as far as getting an approval, it depends on whether it is a Pre-Approval so you can go house-hunting or whether it's a Full Approval when you have found a property. If it's a Pre-Approval, it should only be 3-5 days depending on the Lender workload. if it's a Full Approval, you can add another 2-3 days to that at least because a Valuation of the property will need to be completed.
Bayside Finance Group
I agree with the other brokers on here that you would expect that they have matched a suitable product to your needs.
I would really need to know a lot more information before I could suggest that another lender who offers a lower rate could be your best option.
Give me a call if you would like a second opinion 0435. 474. 498