Blog

September 01, 2020

Search Mortgages Update

Another fortnight has come and gone and the Crows still haven’t won a game (still too raw!).  But the good news is Adelaide has again survived a 2 person outbreak of Covid-19 and our pubs and restaurants are still open.  Hopefully with Spring around the corner we’ll see a rise in home buying, investing and people needing loans!

SA Housing/Lending Market

Despite seeing a dip in sales volumes over the June quarter, REISA has backed the South Australian property market as the one to watch. Housing price data shows that while the volume of sales has dipped slightly from the last quarter, the median price remained at “historically high” levels.

We are also seeing this in lending.  Mortgage broking in South Australia has been getting record enquiries and despite many lenders being difficult to deal with our settlement numbers in June & July are up from this time last year.

The Search Mortgages’ brokers are getting better at dealing with the quirks of the banks and are making the process smoother for clients through this high volume experience. 

Lenders holding Firm

Every week I update our best available rates on our website and amazingly over the past month these rates have not moved.  It would appear that lenders are holding their ground and waiting to see what happens next with covid-19 and the government support.  The RBA is certainly indicating that it prefers a “wait and see” approach.  Sounds like rates might be on hold for the foreseeable future.

Turnaround Times

Please find below a list of turnaround times from many of the leading lenders.  This is the time between a deal being submitted with full supporting documents and Search Mortgages receiving a Formal Approval. A number of our brokers are high performers and can get even quicker times with certain lenders. Please talk with your Search Mortgages broker * to discuss:

Bank SA  *                    

2-4 days

ANZ 

15+ days

NAB                            

12 days

CBA *

7-9 days

Westpac 

20-25 days

Choicelend

2-4 days

Adelaide Bank            

5-8 days

Suncorp

7-9 days

Bankwest

4-5 days

Beyond Bank              

3-4 days

Homestart

5-6 days

ING

2-3 days