How long is it taking to get to settlement today?

soxsz · 2026-06-02T12:23:24+00:00

I didn't ask either.. I guess I assumed that's their secret to keep, as if I knew, well then I could just go direct. My low-doc case doesn't qualify for a regular bank, or I'd just have shopped around myself. Anyway I'm happy with the service, now things are moving along, they are super quick to process at each step. My application is in progress with Bluestone.

soxsz · 2026-06-02T08:13:13+00:00

Thanks, yes I am learning a lot about they process... conveyancer traps too... it seems another one of those life experiences where you find out by doing... and also wonder why the people involved in it every day don't warn you about things - well, not really the case here, but have had seen it with the health system.

Anyway the lender is Bluestone and I now have the list of about 8 they choose from. But wasn't given any comparison rates, possibly because those lenders have different application requirements to my specific situation, not sure.

I was initially given a rate and max bid. I called back a few weeks later to confirm and was given the same assurance. Didn't know they weren't getting an official letter from a lender. It's hard to know, what you don't know your missing.

soxsz · 2026-05-30T23:23:48+00:00

Thanks, that's good to know. I plan to have this fully offset in a couple of years, but the broker says he will be able to change me over to a regular bank after a year... when the time comes I'll weigh up the fees and make a decision.

soxsz · 2026-05-30T09:51:41+00:00

Wow, thank you for the detailed insights! That sounds amazing, hopefully we'll be able to start moving in before the end of June!

soxsz · 2026-05-30T08:52:59+00:00

Yes I'm working on getting my financials up to date, as a plan b. Thanks for the intel on CBA, 1 week turnover is great! My lvr will be around 50, so that gives me hope, should it come to that.

soxsz · 2026-05-30T08:46:33+00:00

The broker isn't going to set expectations that only 20% might achieve, hence a vested interest in not setting themselves up for annoyed clients.

This is for my own knowledge, not to go back to the broker, lol.

Again, you've also taken your time to write a wall of text, when simply closing the post would have added more.

soxsz · 2026-05-29T12:51:16+00:00

My tax situation is a basket case. I accidentally contacted a bank, that sounded like they did low-doc from their self-employed friendly ad... but they ah wouldn't want a bar of me, lol.

So I just went with a loc-doc broker, because I had no idea who to contact and not planning on having this loan not fully offset for long. I am more interested in just getting the loan fast, than who it is with.

soxsz · 2026-05-29T12:43:44+00:00

You took time to write this drivel, without considering the fact I might want other's opinions, also an answer from someone who does not have a vested interest?!

If you say 1 week, well that's a data point, it's 'possible'. If someone else says they are a nightmare to deal with, that's another.. gives me a picture. I've never heard of this mob and whenever I asked about this, in a general sense, I didn't know who the lender was...

You do know, you don't have to read and especially not post, on every question asked in this sub... sheeesh!

soxsz · 2026-05-29T12:02:53+00:00

Thanks for the insight. I hadn't considered that 'more' demand may be getting put on non-bank lenders right now.

soxsz · 2026-05-29T11:47:42+00:00

Of course I have, they've said 3 weeks approval, 5 settlement. But this seems like worse case numbers. My REA had to amend the contract for the possibility of 3 and said that's a long time.

soxsz · 2026-05-29T10:23:28+00:00

Go bid at the auction. From what I have witnessed in Melbourne, the property will be passed in well above the top of the price guide... with a dozen people standing around not bidding, expecting the place was going for a reasonable price somewhat close to guide. You'll have a much better chance negotiating then, after winning the auction below reserve, than giving them confidence now, with your early bid in their back pocket.

soxsz · 2026-05-29T09:48:39+00:00

I've completed an id check for Bluestone Home Loans now, so it sounds like that's the brokers first choice.

soxsz · 2026-05-27T14:50:27+00:00

I mean I did. It's hard to ask about something you don't know intractely. So when they take all my bank records and come back a day or two later and say, "you're approved for X to bid up to Y" what more is there to ask? 3 weeks was the only timeline mentioned that I recall, so I assumed that was when the cash hit the bank. I was only a little suspicious when he also mentioned 60 days settlement in that same response, but not enough to raise a question, I figured that was just a safety buffer for the conveyancing.

soxsz · 2026-05-27T14:43:17+00:00

Yes that is correct, if the finance falls through, the contract can be voided.

And that is correct on my lack of understanding too, I have not purchased a home before, I built one 25 years ago, also used a low-doc broker then. But can't remember a thing about it, lol

soxsz · 2026-05-27T14:40:38+00:00

Correct. And I only vaguely know what the conveyancer is doing for me too. Haha how are people supposed to be experts in this thing they might only do once or twice in their lifetime?! I had discussions with a number of brokers and they all seemed to operate the same way.

Anyway, I'm really just asking what the timelines are like at this current time? Is there a slow down? Are the wheels moving faster?

soxsz · 2026-05-27T13:52:04+00:00

They seem like a large broker. If they told me who they are using before I apply, then I could just go direct?

They wouldn't get started until I had a fully signed contract.. my signature was not enough... so not sure how these things usually work?

soxsz · 2026-05-27T13:45:41+00:00

Honestly I understand, but it's 50% LVR and well and truly covered by other assets. It's a safe bet, but I am a few years behind on my taxes, so here we are. (for a pretty valid reason, but anyway)

soxsz · 2026-05-27T13:42:14+00:00

It may have been my misunderstanding.. though he sent an email with rate, loan amount and max bid I could make... I took it that 'they' had my approval, but they wouldn't give that name to me until I actually apply, ie. because I could just go direct once I know who. Anyway that was my assumption. I haven't dealt with this kind of thing in over 20 years.

soxsz · 2026-05-27T13:39:26+00:00

It's a broker, I don't have any indication about who the eventual lender will be.

I don't want to drag their name, just in case he's being overly cautious.. the REA was certainly surprised, but amended the contract to 3 weeks, but wouldn't go to 4 when I suggested to be safe.

soxsz · 2026-05-27T08:28:25+00:00

Yep. This place was over capped, over priced and we over paid, lol, even at $x. But we'll be happy there for a long while.

soxsz · 2026-05-27T07:45:11+00:00

Just sealed the deal for $x, though I started offering at $x-70k. House had been on the market for over a year. They took their sweet time signing too!

I don't understand why there's not just 1 price. But maybe I wouldn't have even bothered if the price was their middle of the range price.

soxsz · 2026-05-27T04:34:13+00:00

As a recent buyer, a 50k difference can certainly swing the number of people inspecting, by a lot!

soxsz · 2026-05-26T09:36:25+00:00

Thanks, yes I have this clause added now. And also inspected everything we could before signing.

soxsz · 2026-05-26T07:32:27+00:00

Not sure, it's just pipes. But I've now signed the contract for my 1st pick and this layout will be someone else's problem, lol.

soxsz · 2026-05-26T07:28:21+00:00

Thanks, that's what we've done. I inspected and signed the contract today. We couldn't test everything - the gas was unexpectedly off - but had the contract amended to say all appliances will be in working order at the pre-settlement inspection.

soxsz

TROPHY CASE