Is there an expiry period on clawbacks?

I have an existing loan via a broker (RESI home loans) that I believe is issued by a mob called "AFSH Nominees Pty Ltd" who I can't seem to find any contact number for.
I'm attempting to refinance that loan with my bank at the moment and my new broker has told me to contact them to confirm I'm not liable for a clawback fee but unfortunately that's not something they are able to check on my behalf.
- My old broker has dropped off the face of the earth
- I called their general line & got bounced to a franchisee who has no interest in helping someone leave/doesn't want to get involved in something not on his books (can't blame him)
- AFSH nominees doesn't seem to have a publicly listed phone number.
- Loan agreement is from 4+ years ago

I've read through the entire original agreement document and I can't find the words clawback anywhere, but its a massive document so I'm not 100% confident.. Kinda hoping a more knowledgeable member knows a thing or two about this agreement and can tell me if there is a maximum time period on them.

 

Hi there

Check if you signed a "credit quote" when you first took out the loan with the broker. If so -that will outline if a clawback fee is applicable.

There won't be a clawback fee with the actual lender - they will have a discharge fee which spans between $200 - $500 usually. Unless the loan is fixed - then breakcosts could be high.

Cheers

Jamie

 

4 years down the track, I'd expect you're fine to refinance.

Lenders do have discharge fees as Jamie suggested. Some brokers charge a 'clawback' fee, this usually has a 2 year expiry period on it.

Your original loan offer documents will disclose the various fees and charges associated with the loan.

 

Thanks Gents!