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Refinancing homeloan to another bank
How long can original bank take to settle?


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4 replies to this topic

#1 jaydee

Posted 14 December 2012 - 07:45 PM

We are refinancing our homeloan from one big 4 bank to another.  Our current bank received all the documentation and request to pay the loan out on 26/11/12.  We requested settlement by today.  Hasn't occured.  They are now saying that they will not be able to provide us with a date for settlement until after 20/12.  

Is there a certain time banks are allowed to take? I would have thought a month or more was pushing it.  

TIA,
Jo

#2 rob6712col

Posted 16 December 2012 - 12:47 PM

The discharging bank should be actioning the discharge within 14 days of receipt of the signed discharge papers. Most banks will "lose" the signed papers the first time around, giving them closer to 28 days to get it all organised.  However at this time of year refinance settlements are put on the back burner in preference of purchase settlements.  Purchases requiring settlement prior to christmas take precedence as if they are not settled in time large penalty interest can apply and most solicitors close down between christmas and new year.  I don't think you will have settlement before christmas on a refinance.

#3 Tobias'smum

Posted 16 December 2012 - 01:00 PM

Not sure what state but most banks wont settle with in 15 business days as they often go to retentions to try to keep you with them. I know i worked and the file would not be sent to the settlement department before 15 business days

#4 FERALfoxgirls

Posted 16 December 2012 - 01:00 PM

Our transition has been long. We started in mid oct. our first hurdle was that our house title was in my Maiden name, we have to jump through hoops for that. We then re signed documents, weeks pass, we are told we signed an old form, bank needs us to sign the new correct form. Then they didn't believe the signatures were ours, so new bank was asked to send orig forms. Still didn't believe the original forms with sigs, so we had to sign in person at the branch. We heard the woman on the phone who was asking for instruction say we were signing again because of a wrong form. And I was like wtf is this? I thought we were here because you thought we were frauds! Long and petty operation that has taken well over 2 months, so If there is a way to make a bank hurry it up we were not privy to it. So anyway they have a settlement date just before Xmas, I don't hold any hope, something will happen to hold it up!

Edited by foxgirls, 16 December 2012 - 01:03 PM.


#5 Coffeegirl

Posted 16 December 2012 - 03:35 PM

QUOTE (Tobias'smum @ 16/12/2012, 02:00 PM) <{POST_SNAPBACK}>
Not sure what state but most banks wont settle with in 15 business days as they often go to retentions to try to keep you with them. I know i worked and the file would not be sent to the settlement department before 15 business days



This is what happened when we switched from W to A.   A was ready to go, but W sent us to retention.   When I found out, I hit the roof and asked to speak to the settlements manager.  I explained that if they bothered to look at our file and all the f*ck ups that W had caused, they would realise retention wasn't going to ever happen. We even had a 'personal lending manager' with W due to the size of our finances and they still managed to screw things up!

My file was released the next day.  Moving to A was the best thing we did!

Edited by Coffeegirl, 16 December 2012 - 03:35 PM.





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