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mortgage discharge

Discussion in 'Property Finance' started by sauber, 14th Mar, 2016.

  1. sauber

    sauber Well-Known Member

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    Hey all.

    I have signed up with a new lender and my previous lender is stalling

    How long does a mortgage discharge usually take????

    Sauber.
     
  2. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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    the standard is 10 days after they receive the properly executed discharge of mortgage document.
     
  3. sauber

    sauber Well-Known Member

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    I think its been a month...i called them to find whats going on!!!!
     
  4. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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    Which bank? Some are notorious for 'losing' or 'never recieving' discharge documents.
     
  5. sauber

    sauber Well-Known Member

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  6. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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    This doesn't surprise me!
     
  7. Corey Batt

    Corey Batt Finance Strategist Business Plus Member

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    Call up and complain - generally the lenders will snub the broker/incoming lenders solicitors, but will suddenly be able to get things done quicker if the customer calls up to complain about the situation.
     
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  8. sauber

    sauber Well-Known Member

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    I ha
    I have called them and was told noone has taken charge of the discharge!!!!
     
  9. sauber

    sauber Well-Known Member

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    they received the discharge on the 25th feb!!!!!!
     
  10. Jess Peletier

    Jess Peletier Mortgage Broker - Australia Wide Business Member

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    If you put it in the branch sometimes it can go missing - filed in wrong spot, not sent to correct department etc... you might find it's been scanned to your profile but not actually sent to discharges.

    Put in a new one and get your broker/banker to escalate it.
     
  11. sauber

    sauber Well-Known Member

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    they have received the discharge which was on the 25th feb. my broker sent them into NAB, i have called them 3 times to find out what has happened first time i got told to call a number, 2nd time i got told to call my business banker who looks after my account, then i called again!! then i got told that noone has taken charge of the discharge and a file will be made!
     
  12. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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    google "nab complaints" and send them an email.
     
  13. Steven Ryan

    Steven Ryan Mortgage Broker Business Plus Member

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    @sauber - You're not alone. NAB have been mucking around with the release of securities for a number of my clients this year and playing the same games.

    Either they have instructions to act like clowns, or they have employed clowns to handle discharges...there's no other conclusion I can come to (anyone have an alternative theory?).

    However, they do have a "15 BUSINESS DAYS" to release a security for a refinance policy so they still have a day or two up their sleeve before they need to do anything with yours.

    You've had it lucky, trust me...
     
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  14. Dan Donoghue

    Dan Donoghue Well-Known Member

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    Thanks for posting this, I am now chasing mine daily (also NAB)
     
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  15. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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    lenders lose money when people leave so they don't try to make it easy. There are probably a small number of overworked staff in the discharge section who are trying to do the job of a team double their size.
     
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  16. Dan Donoghue

    Dan Donoghue Well-Known Member

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    If you are still getting messed around call the discharge team direct on 1300 552 688.

    Mine is all done, it has actually gone really smoothly but I am pretty sure it's because I told them that once it's moved I will be back to them for 6 investment loans, weather I do or not is neither here nor there, they are trying to keep me happy ;). FYI I submitted mine only 11 days ago.
     
  17. Blacky

    Blacky Well-Known Member

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    We were once 'instructed' that the first dischard letter should be shredded on receipt. It will usually take most people about a week or two before they follow up.

    I refused to it. but it was common practice, and I dare say it still is. Esspecially given you are dealing with business bank.

    Blacky
     
  18. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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    Were you working for a lender at the time?
     
  19. sauber

    sauber Well-Known Member

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    thats disgusting!!!!!! what a joke!!!! ive put in complaints to them!
     
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  20. Blacky

    Blacky Well-Known Member

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    Yes.

    Just look at the averages. How often is a mortgage application 'lost' or "not received"? ummm...never? Has anyone here, any broker, ever had notice that a bank has 'lost' or not recieved an application? I doubt it, and if you have it was 'once'.

    How often are discharge documents "not recieved" or "lost". You can even send it by tracked courier, and it will still get lost. How many times have you heard this? Is it coincidence? I think not.

    Such practices are never documented. So it can never be proven.

    Blacky
     
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