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

[lissie]

We are considering buying a new PPOR - we'd sell our existing PPOR into our LTC and eventually sell several of our existing rentals to reduce our borrowings.

We have all our mortgages with ANZ and have a business banker. I've just been told by him that it will take a week ie next Wed before they can give us a yes or no. Does that seem reasonable to people? It doesn't to me - but I'm maybe over-reacting, because I'm nervous that someone else will offer on the property in the meanwhile (this is a heart not business decision).

Our existing LVR is about 50%
After purchase of the new PPOR it would be at worst it would be 78% reducing to 66% once we'd sold the properties we wish to move on.

[Leftette]

Too slow, imo. Tell them you shall offer your patronage to an adversarial lending establishment if sense prevails not.

[lissie]

Pretty much where Iwas going with it too - but of course that would involve quite a lot of work as well!

[Leftette]

Oh, empty threat, obvballs.

[lissie]

Any one got recommendations for a mortgage broker in Wellington who'd like our business and can get us an answer by Friday?

[Bob Kane]

A week is too long.
I dumped ANZ because of their hopeless service.
Send ASB an email and say you're looking for a bank which provides a great service and would they like an opportunity to demonstrate their service?

[lissie]

I love ASB - my personal banking is with them- but they won't touch us as we own 7 properties (I think 5 is their max)

[flyernzl]

I hve never yet walked out of an ASB branch feeling less than annoyed, and very often irate.
Everything that you want to do is always classed by them as somewhere between very difficult and flatly impossible.
But then that's just me - my wife thinks they are great.

We are planning an overseas trip next year, and wanted to ensure that our travel is covered by their ASB Titanium card travel insurance - which is the longest duration card insurance offered.
They were totally and firmly unable to provide a copy of their own insurance policy. "Oh, its just the same as our Gold Card insurance, only of longer duration" they said.
"Where can I get a copy of the policy" I repeated. "After all, when/if we make a claim I know that some eagle-eyed person with a large magnifying glass will be searching through clause 89 subsection 19 looking for the reason not to pay out".

They finally gave us a copy of the policy but it took weeks amid much grumbling.

[lissie]

They charge me 5c to deposit US checks - not the $5 that ANZ charges - plus they set me up with an on-call savings account so I actually earn interest while the check takes 28 days to clear.

But they are useless for property investors.

[Bluekiwi]

Finance 101 there is no "Reasonable" in Bank.

They will do it when they feel like it and not a moment sooner.

Whether that creates problems for you is irelevant.

I even heard of rule that said you were not allowed to actually use that word in the same sentence as the word bank.

[Maccachic]

About to dump ANZ too. BNZ had me pre approved within a day for a bare land purchase and increased the limit within a day as well.

[Bluekiwi]

About to dump ANZ too. BNZ had me pre approved within a day for a bare land purchase and increased the limit within a day as well.

ANZ are the worst bank by far in many respects.

I have had good dealings with:

ASB, Westpac, BNZ.

ASB is very good customer service wise.

Westpac is very good understanding commercial issues.

[brendan]

Any one got recommendations for a mortgage broker in Wellington who'd like our business and can get us an answer by Friday?

Call Jeremy Stapleton from BNZ Property Team on 029 534 8550 - he's based in Auckland but might be able to help you. He has given us great service.

[Bluekiwi]

Call Jeremy Stapleton from BNZ Property Team on 029 534 8550 - he's based in Auckland but might be able to help you. He has given us great service.

Jeremy is my bank manager as well.
He is brilliant, I can highly recomend him as well.
He is very fast at getting back to you and attending to issues.

[brendan]

Jeremy is my bank manager as well.
He is brilliant, I can highly recomend him as well.
He is very fast at getting back to you and attending to issues.

When my brother bought his first rental property, he commented that it was easier to get a loan with Jeremy/BNZ than it was to get a credit card in Canada (where he currently lives).