Banks Unable to Meet Loans Demand

Up to 1 month delays for loan approval is being experienced by Hunter residents and it seems this is occurring nationwide.

The lowering of the RBA’s cash rate has meant interest rates are at an all time low, and combined with the governments First Home Buyers Grants ending, this has increased demand on institutions capacity to process new Home Loans.

Companion has also experienced an increase in loan applications, but I’m happy to say this hasn’t affected our 24 hour loan approval target, and subsequent settlement date disbursements

If the applicant has provided all relevant paperwork, the financial institution should be able to respond within 24 hours. If you have been waiting on your loan approvals for more than 24 hours without valid reason or communication from your loan provider, I suggest its time to seek out another financial Institution.

With the First Home Buyers Grant ceasing in June, and interest rates predicted to fall further the demand on loan approvals is expected to continue to increase. If you need quick and speedy loan approvals drop us an email, or visit us in branch.

Ray O’Brien
Cheif Executive
Companion Credit Union

April 24th, 2009 | Leave a Comment »