Is a week a reasonable time to wait for an answer from the bank?

[lissie]

Hmm - OK called my personal business banker and he has now committed to a reply by close of business Monday. I'm wondering if I should have a plan B though.

I maybe a bit slow but I'm wondering if we have the option of leaving existing lending alone and seek a new lender for this latest transaction. Our existing PPOR we're using to guarantee our existing loans with ANZ. But I can raise a 20% deposit against is using existing line-of-credit against the LTC.

Would this work

Raise 20% deposit for new property using drawings against the LTC's flexiloan (this would not over-draw our shareholder accounts so I think that's OK from the accountants point of view).

Then seek 80% finance for the LTC to buy existing PPOR - secured against new PPOR ?

[Nice]

All banking relationships in my view rely on people, not Banks. I had an excellent relationship for about 15 years with ANZ due to this, then they moved me up, kicking and screaming, to Business Banking, and it was all down hill from there !

My recommendation now would be to talk to Frank O'Neill of Capital Concepts on 021344687. His advice in the past couple of years has saved me tens of thousands of dollars in interest payments, and I now have a good relationship with two banks. He knows his stuff with Investment Property, which many other Mortgage Brokers and bankers don't seem to !

[PTILoveYou]

1 week is ok by me, as long as I get the finance.

I usually pre-plan my finances so 1 weeks is no harm.

Besides, it's not easy to get finance now that I have 11 properties.

[Perry]

All banking relationships in my view rely on people, not Banks.

And isn't it strange that - for some perverse
reason - they don't get that?! They mumble
something about being a customer of the bank
rather than of the banker-person.

And that's despite this sort of proof:

I had an excellent relationship for about 15 years with ANZ due to this,
then they moved me up, kicking and screaming, to Business Banking,
and it was all down hill from there.

. . . something echoed by my own experiences.

[lissie]

Exactly - I was very happy with my previous business banking manager at the ANZ - he was responsive and helpful.

[PTILoveYou]

Use a broker, they don't get promoted then bugger off to greener pastures.

[lissie]

In the end he did come back and give me a verbal go ahead at 6:30pm on the Monday - so 3.5 working days. I had to resend docs though because ANZ doesn't have Excel 2010 !

[mortgage broker]

In Auckland at least there seems to be a lot on and a week is a standard from some of the better quality business bankers, unless its an urgent deal - finance date etc. Unfortunately with business banking there can be a lot expected from managers as they tend to manage existing requests for business cash flow issues as well as growing the lending book. Some have assistants but it doesn't take much to get them busy.

When you are really good, you are in demand.