Why risk it for the sake of $50?
Some contracts (housing comm) say you cannot delay settlement (for anything). The risk you take.
You have paid $20-40,000 deposit. If something did happen you could be fighting for months to get your money back. I'd rather sleep at night.
My bank lady told me the new policy is they need a copy of the insurance documents before they release the funds.
That is correct, but what your bank lady failed to mention was that they require the date on the insurance is from settlement date (and when was the last time someone listened to their bank lady – no offence to those workers, but we all understand the banks are only interested in the bottom line- refer to profits).
Now the banks have a vested interest in the security property as we know. I am sure they would make you take insurance immediately if there was a risk this deal was to fall over….. Then again, the banks can sleep well at night knowing they have this HUGE risk, as they have very large pockets….
I was signing up loan contracts last night with Westpac and in the documents it request a copy of building cover prior to proceeding to settlement. I havent been asked this before from other Banks so I will need to arrange prior to settlement.
Cheers,
Jacqui
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