I am in need of some advice.
My brother and I have had to buy into my fathers duplex as he needs to put the money into annuities. Tax laws on annuities change on Sept 20 and so this is our deadline.
Everything was going smoothly till a search revealed that my brothers unit, that we were using as collateral, has never had the release documents settled with the titles office. Altho the loan is fully paid out, the records show that CBA still holds a mortgage.
Unfortunetly we are borrowing from a different bank. Now there is just no way that CBA and dept of Nat Resources are gunna be able to give us the release documents before sept 20.
Any ideas?
I was wondering if there are institutions that will arrange loans, (presumably high interest) for a short duration. And are these institutions able to setup the loan in just a few days?
it’s all just giving me a big headache.
Milly
[mad][wreck]yes. there are quick lenders out there – some cansettle in 2 days. rates are around 5% per month +.
But if your dad’s property still has a mortgage over it, I don’t think you would be able to settle on it until this is released.
And sue the CBA for compensation.
Talk to your solicitor about all of the above.
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
sometimes…..just SOMETIMES CBA amaze me with their swiftness and efficiency. It looks like YAHOOOOOOOOOOOOOOO, we are going to make it in time.
CBA had hte release documents done in two days!!! Now i hate to be cynical but I have to wonder if the promised mud cake for morning tea produced maximum customer service. [thumbsupanim]
No matter, I dont care, they have earned the mudcake cos i will sleep easily tonite.
cheers.
drinks are on me!
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