Hi ereryone,
My settlement was due last Friday 26th. Now the loan hasn't come through yet. According to my conveycer, the broker told him on 21st, saying it's was their fault the loan hasn't been settled yet, as they lost my file on their desk. I've no idea what file they lost, as everything I send them through email. I was ringing them almost everyday, now they didn't tell me this. What the?!!Now the vendor are charging me penalty interest on the loan balance which it $82 a day. The loan is progressing now. Should be able to get an loan offer on 6th July as they waiting another infomation from me which will take 2 Business days for me to get it. Still it will at least take another couple day until settlement.
Any chance I can claim penalty charge back from the broker?
this exact same thing happened to me a couple of weeks ago. im with CUA and they dont handle their mortgage applications locally, they outsource them in brisbane. So it wasnt the local branch, it was a procrastination problem in Brisbane where they didnt send my mortgage documents to me until the day before settlement. I live 2 hours from town so there was no way it was going to get signed then back into town leaving five business days before settlement. ridiculous.
in the end it took 8 days in total, from when i sent them back to when it all got processed.
it cost me just under $600 for those 8 days.
the local branch manager has put forward a complaint on my behalf. she actually offered to do it before i even had a chance to tell her how annoyed i was. which was fabulous. i havent heard back from her yet, but she was going to request for the fee to be covered by them in full. she is even requesting they cover my solicitors extra fee for having to extend the settlement date – which was another $100 on top of the $600 default interest.
you should definitely talk to the broker about it – especially seeing as they have accepted responsibility. you shouldnt have to pay for their negligence.
good luck.
Sounds like the loan isn't even approved yet, if they are asking for more things and you are waiting for the letter of offer. I would be more worried about losing your 10% deposit and being sued. Have you been issued with a notice to complete yet?
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
Terryw wrote:Sounds like the loan isn't even approved yet, if they are asking for more things and you are waiting for the letter of offer. I would be more worried about losing your 10% deposit and being sued. Have you been issued with a notice to complete yet?The loan has been unconditionally approved on Friday. Now I'm waiting to sign the paper. I signed the contract subject to finance, so I rekon it should not be a issue.
No, I didn't receive a notice to complete yet, the other conveycer just called my conveycer regarding to the penalty charge on 1st July.
It was the broker's assistant admint it's their faulty by losing my file. Now the broker completely denied it when my Conveycer spoke to him on last friday.
What is the date of the finance clause? If it has expired and you did not notify the other party, then it is no longer a condition and you are locked in and you are in a very dangerous situation.
You are very brave in not chasing up the broker to find out where your loan was, especially if you were supposed to settle so soon. I think the broker may have been slow, but broker's do not guarantee loan approval and therefore I am not sure if you have any grounds to complain. You need to keep on top of these things.
Also factor in the amount of interest you are saving by not having the loan drawn down yet.
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
Terryw wrote:What is the date of the finance clause? If it has expired and you did not notify the other party, then it is no longer a condition and you are locked in and you are in a very dangerous situation.You are very brave in not chasing up the broker to find out where your loan was, especially if you were supposed to settle so soon. I think the broker may have been slow, but broker's do not guarantee loan approval and therefore I am not sure if you have any grounds to complain. You need to keep on top of these things.
Also factor in the amount of interest you are saving by not having the loan drawn down yet.
The date in finance clause was expired weeks ago, spoke to vendor and realtor for an extention, however, they verbally agreed it and never put it on paper.
Apparently, me and the realtor was chasing him everyday since 3 weeks ago and he was kinda useless.Unfortunately there is a huge variability in the quality and timeliness of service provided by brokers. Never, ever trust everything they say. Check and double check with the lender and your solicitor and never trust the broker will do things in time. Well… unless there is a history of reliability and great service. There are brokers and then there are broke-rs.
Called the bank today as not receiving the loan paper yet which was suppose to be send out on last Friday…
They said "opps" It just been printed and will be send out today!!!!!!!!!!!!!!!!!
What the???
I really had enough with this house, the broker, and the bank
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