Power of Attorney and Lenders

ta, agreed the guy has mixed up or doesn't know

 

I spoke to the guy who works for a Westpac branch. He said Westpac has some policy that he needs to meet both applicants in PERSON. It's bizzare. First I've heard.....now that everything is electronic? Things will never happen if they were to meet every borrower one on one?

 

Is this for the ID check?

I have put many clients to westpac that i have never met. But they do all need to go into the branch for the ID check

 

Yeh it is for ID check. I clarified. It does need to be in person...stone ages!
He agreed to approve the loan in absence but wants loan documents processed when the buyer is present

And the pre-approval is supposedly for 6 months but his system prints a 3 months date!

 

Modern ages. Anti terrorism and anti money laundering legislation.

 

I don't see how different it would be to a JP?

 

Thats a whole different subject. I guess there are no controls over JPs, they are external to the bank and JP witnessed ID would have a higher fraud rate.

BTW - you should never become a JP as it is an extremely risky role with no benefits.

 

Are you one?
I considered...but it takes a lot of commitment.
There are a few at work. Some don't respond at all! Yet two are always open to help out!

 

I like it that some things have to be done in person.. an extra level of security. As long as the POA is setup in person beforehand the process can proceed without you present.

When I bought my place in Spain there were EIGHT people present at completion in a meeting room at the bank. Me, the two sellers (husband and wife), two real estate agents, two bankers, and the notary who does the legal work.

 

Nope.

I am a lawyer so can do anything a JP can and I am covered by insurance.

 

Sounds about right. I purchased a property using a POA to sign the purchase contract, loan, and mortgage documents.
It took a while to get through to the right person in the bank to confirm that an Enduring POA which is registered can sign and commit legally to anything which the individual can commit to (well, almost anything).
As for the ID the person may need to call into an Australian Embassy (or similar) to be ID'd. I had to do this and get the Australian consular to sign a bank doc for ID. Bit of a hassle but was possible.

This was with CBA.

Blacky