Jump to content

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


  • Please log in to reply
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 Safety Queen

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 BeakyHoneyButt

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.





0 user(s) are reading this topic

0 members, 0 guests, 0 anonymous users

 

Why we tend to hold our babies on our left side

On which side of your body do you carry or cradle your baby? If you answered "left" then you're not alone.

Taking fish oil in pregnancy may prevent childhood asthma

Women who took omega-3 fatty acid supplements (fish oil supplements) in pregnancy reduced the risk of their children developing asthma by almost one third.

Mum, dad and son all share a birthday

Luke and Hillary Gardner never have a problem remembering each other's birthday.

Mum shares the bittersweet truth about pregnancy after miscarriage

A mother's candid and heartfelt reflections about pregnancy after miscarriage are providing comfort to other women.

16 simple ways to make your baby smarter

What's the best way to mentally stimulate your baby? It doesn't take a genius - just a loving, involved parent.

Your blood pressure could predict baby's sex even before conception

The average blood pressure of mother could suggest a baby's sex before it even exists, a study has found.

The breastfeeding photo that says it all

Ashley Rockill was lucky enough to have her birth photographer on hand to capture a precious moment.

13 pregnancy superstitions from across the globe

In honour of Black Friday, let's explore 13 of the strangest pregnancy superstitions from across the globe.

I'm a stay-at-home mum, and I'm sending my son to daycare

When you become a mum you give birth to a beautiful baby, but you also give birth to guilt.

Mum gives birth to 'Incredible Hulk' 6.4kg baby

An American mother was shocked when she gave to a 6.4kg (14lb 1oz) baby last month.

Mum demands $530 for daughter's shoes after playdate

A mum has made a pretty bold move by demanding $532 for a pair of her daughter's shoes that were damaged at another family's house. 

A toddler's guide to helping around the house

If a toddler was to write a guide to 'help' you with the household chores, it would go something like this.

The breast pump you can use on the go

The game-changing breast pump promises to make life easier all round.

'Mum, don't be mad but I've just had a baby'

A teen mum has shared her birth story – and her shock at not knowing she was pregnant until her baby's head emerged.

No, Senator, childcare workers don't just wipe noses and stop fights

The only thing childcare workers spend their time doing is "wiping noses and stopping the kids from killing each other"? Not quite.

'I wanted to be the birth mum so much'

When people say "aren't you lucky that there are two of you, that you can switch?" I give them a tight smile.

6 myths about breastfeeding toddlers

Although breastfeeding a toddler isn't for everybody, if you choose to nurse beyond babyhood you can expect some strong reactions.

 
Advertisement
 

Top 5 Articles

Advertisement
 
 
 

From our network

Your child's fine motor skills: what you should know

There is less of a focus on fine motor skills, but they're just as important as others. (SPONSORED)

5 ways music helps your toddler's development

There are at least five other compelling reasons to get musical around your toddler. (SPONSORED)

 

Baby Names

Unusual Celeb Baby Names

Click through the gallery to read the details and see some of the most memorable monikers in show biz families.

 
Advertisement
 
 
Essential Baby and Essential Kids is the place to find parenting information and parenting support relating to conception, pregnancy, birth, babies, toddlers, kids, maternity, family budgeting, family travel, nutrition and wellbeing, family entertainment, kids entertainment, tips for the family home, child-friendly recipes and parenting. Try our pregnancy due date calculator to determine your due date, or our ovulation calculator to predict ovulation and your fertile period. Our pregnancy week by week guide shows your baby's stages of development. Access our very active mum's discussion groups in the Essential Baby forums or the Essential Kids forums to talk to mums about conception, pregnancy, birth, babies, toddlers, kids and parenting lifestyle. Essential Baby also offers a baby names database of more than 22,000 baby names, popular baby names, boys' names, girls' names and baby names advice in our baby names forum. Essential Kids features a range of free printable worksheets for kids from preschool years through to primary school years. For the latest baby clothes, maternity clothes, maternity accessories, toddler products, kids toys and kids clothing, breastfeeding and other parenting resources, check out Essential Baby and Essential Kids.