My bank is using stalling tactics

Discussion in 'Loans & Mortgage Brokers' started by Keentolearn77, 15th May, 2020.

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  1. Keentolearn77

    Keentolearn77 Well-Known Member

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    Hi
    I am refinancing to a new bank.
    I have a number of loans spread with 3 different institutions. 2 of the banks have their business in order and have their paperwork sorted and are ready for an a notification of a ‘settlement date’.
    The 3rd bank stuffed me around for 2 weeks due to their ineptitude, I had to chase their solicitor as the bank contact claimed not to have our property titles on file, etc etc, but they actually did have!!
    Now they advise that their paperwork is sorted, that they need 15 days before arranging a settlement date.
    This is unacceptable to me, how can I convince them that this is unfair and To speed up this process of what is simply refinancing the loan to a new bank.
     
  2. Trainee

    Trainee Well-Known Member

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    While not fun, what is the damage to you if it only happens in 15 days?
     
  3. beachgurl

    beachgurl Well-Known Member

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    Is the 15 days for the discharge for the outgoing lender or just to get their ducks in line to settle? Some of the big lenders particularly the ones with refi cashbacks are swamped with applications and are taking weeks to do anything.
     
  4. Lindsay_W

    Lindsay_W Well-Known Member

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    If this was a deal for one of my clients I would be able to get the discharge request escalated.
    What's you new lender/banker doing about the situation? I suspect nothing, what great service:rolleyes:
     
  5. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Plus Member

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    bmc and Lindsay_W like this.
  6. Morgs

    Morgs Well-Known Member Business Member

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    Sounds like a familiar story at the moment. A couple of lenders in particular are really struggling with resource and is impacting processes like this one. It is often challenging but more so now than ever before.

    There are escalation channels to chase this up with the outgoing lender. At the very least you should be able to call them directly and tell them that it is urgent (for whatever reason) and you need it bought forward.
     
  7. Madium

    Madium Member

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    My broker mentioned that this is happening mostly with Westpac group and has had some clients waiting 2+ months.
     
  8. Keentolearn77

    Keentolearn77 Well-Known Member

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    Yes - it is part of the westpac group
     
  9. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    Outgoing Financiers with a 20 day Biz window to pick up a file doesnt help either

    A few lenders have a fast refi processwhich gets around this stall

    Hilariously, the best lender in this space is WBC :)

    ta
    rolf