AMP's Pre-settlement Conditions

I refinanced via a broker and got unconditional office with the following Pre-settlement Conditions:

I tried to contact my broker to clarify the conditions but I could not reach the broker as broker is sick a couple days. Hopefully, members here can help me with the following questions.

1. What is the refinance authority? Is it a form AMP will send me?
2. What is the card that AMP mentions above? Is it credit card with my current lender? why I have cancel the credit card? if yes, how do I ask ANZ to issue a letter confirming the card has been cancelled and all dues are repaid prior to settlement? Is it normal practice with ANZ?

 

1. discharge of mortgage form probebly - i guess 'them' refers to AMP's solicitors. If they haven't provided you with one maybe one is not needed.
The card must be some sort of ANZ credit card. Just ask for a letter - cancel now by ringing up, and ask for the letter to be emailed to you. Its common.

 

Thanks Terry. There is condition of settlement within 60 days. Hopefully, everything will be sorted out within this timeframe.

 

1. Is the normal discharge authority. Your broker should sort this out for you.
2. Paying out a credit card is only a condition if there was debt consolidation involved. You'll need to close the card and get a letter from ANZ

Cheers

Jamie

 

Your broker will (should) send you an ANZ discharge authority form to sign - best to get that done as soon as they can as they take 10+ business days to be actioned by the outgoing lenders and generally the biggest delay for refinances.

The application would have been approved with the card being cancelled (probably didn't service with the card staying) - so they've requested as proof this be cancelled. ANZ will take a week or two to send proof of this being closed too, so get onto this while you wait for your broker to send the discharge. Once that's all provided to the relevent parties you should be all settled within 2-3 weeks.

Good luck!

 

Thanks Janie and Corey
I find brokers here very helpful and spent precious time to answer mine and other menbers questions. Want give all you a hug

 

Maybe next time use one of them instead of your current broker

 

A hug wont pay the bills mate

 

The lesson should be to always use a good / experienced broker of the calibre of those who are on PC. It costs no extra. I must say this to 5 clients a week....2/3 think they know more than brokers or may save $$$. Misinformed.

The brokers here on PC have proven cred and know all the little stuff. IMO you take a risk otherwise. No better referral than their own PC presence and participation.

Even ASICs recent broker report highlighted the substantial benefit brokers provide consumers but are frustrated more consumers dont use a broker.