Hi Guys,
Hope you are well. I am seeking assistance for this problem of mine.I am refinancing two IPs, moving over to Suncorp from CBA via a Broker. It is still going on after three months. Each party is accusing of each other of not forwarding sufficient documents. Settlement date was pushed forward about 4 times. And the latest is CBA is waiting on the title package to be transfer to the NSW office from SA office. I even got the Broker to do a phone conference between the two parties but they spent the time accusing each other for not providing sufficient information. This is really frustration. I even resorted to calling the release department in CBA and coordinate there. It just makes no sense to me using a broker as he says that he can only work on the Suncorp side.I need to know:-Whose responsibility is it?-Is there a governing body that we can use that pull CBA in line?-Do you think it is actually delaying tactics by CBA to off load the two loans?-What do I do next?Your help will be greatly appreciated.KJHi KJ,
Unfortunately this is a common game that the lenders will use hoping you will give up in the end. Depending on who you are moving from they have a bad habit of 'losing' documents. If you think about, your broker wouldn't be at fault as he won't get paid until this goes through, Suncorp won't be at fault as they want your business, that leaves one source.
Your broker should be chasing up CBA to make sure everything goes through.
All the best.
Hi Matt,
I suspect that is the case. Being a broker yourself, do you feel that the Big 4 has a lot to answer for?I feel that the settlement process requires improvement and does not seem that anyone is accountable. I assume that there are no regulators that has the balls to go up against the big 4.I am with Matt yes the Big 4 have a lot to answer for when it comes to discharges.
Usual process after they have mislaid the documentation once or twice is get the retention department to ring you offering you the world (funny they couldn't do that when you were a plain old existing customer but all of a sudden when you are about to leave ……oh well world is your oyster) and then when you stamp your foot down and tell them you are leaving full stop they say "oh we only do refinances on a Thursday and require a minimum of 21 days notice".
It wont be your Broker who is holding it up he is probably pushing each and every day to get this over the line for you.
Richard Taylor | Australia's leading private lender
Simply put, BANK is a four letter word. They are a necessary evil.
Yes, I believe they have a lot to answer for, but what can we do about it?
They will pleed innocence regardless of whatever anyone says, documents just disapear (apparently).
If you want to make a formal complaint get into contact with the Credit Ombudsman: I hope that is of some help.
http://www.creditombudsman.com.au
I hope that is of some help.Dear Matt and Richard,
Thanks for your help. Has anyone successfully sue the bank before for something like this?Cheers.Alot of money for solicitors spent on chasing a penny – that's why you go to the obudsman.
I would make a complaint to the CBA complaints section. I;ve had many problems with them in the past, but when I pulled all of my loans out of there are few years ago it went smoothly!
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
thanks for your help. And the rest of you who has view this. Think harder before using CBA in the future.
Hi Kokjhoonwong
re: rolling loans over to new lenders
Yes, been there, had that experience, switching from NAB to ANZ last year.
the sting in the tails was – NAB hit us with the 'penalty interest rate" because the loan went over term (5 years) by about 6 weeks – they just took the cash out of our operating account!! (they can't do that, well they did!! – check your loan docs, ours was a loan over commercial property – and a penalty interest rate clause is always in there). Each bank blamed each other for delays – and they were both right. After heaps of effort, we clawed some of the penalty interest charge back from the NAB… but no fun.conclusion: in future, i will anticipate a delay+costs in rolling over a loan – and perhaps stay with a/the slightly more expensiive exisiting lender.
Silversurfer
waxhead rule #2 – think about falling, and you will.I'm just starting out as a broker. Had breakfast the other week with a few BDM's. One of them from the big 4 was saying just bad other banks were with this process of discharging loans (whole time I was thinking they were just as guilty as the others). They were saying they were now settling quick refinances without title. A couple of other brokers gave some good advice. When submitting any forms at a branch they took a photocopy in with them and asked the receiving officer to sign the copy and provide their staff number. As soon as they started claiming forms hadn't been submitted and stuff lost this copy was enough to put the blame back on them and give it a good kick start.
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