Refinance balance

Discussion in 'Loans & Mortgage Brokers' started by Patricia, 28th Jun, 2020.

Join Australia's most dynamic and respected property investment community
  1. Patricia

    Patricia Active Member

    Joined:
    16th Feb, 2020
    Posts:
    37
    Location:
    Sydney
    Just refinanced from anz to westpac. Not sure when all settlement figures will be reconciled, as found some missing funds.

    Also, when should I close all my anz loan accounts? Should breakfree package be pro rata, as my anz breakfree package fee will be due in 5 days? Thank you.
     
  2. Property Twins

    Property Twins Mortgage Brokers & Buyers Agents Business Member

    Joined:
    18th Jun, 2015
    Posts:
    2,684
    Location:
    Sydney, Australia
    Has the refinance settled with Westpac? If so, the loans would have been closed off by anz

    If so, i'd call anz to cancel the package. It may be covering the anz credit card, which used to be compulsory previously.
     
  3. Patricia

    Patricia Active Member

    Joined:
    16th Feb, 2020
    Posts:
    37
    Location:
    Sydney
    Yes, the loans have been settled, but the payout figures (draw down figures in my new offset account) do not match. When would it be expected that the numbers will reconcile? Thank you.
     
  4. Property Twins

    Property Twins Mortgage Brokers & Buyers Agents Business Member

    Joined:
    18th Jun, 2015
    Posts:
    2,684
    Location:
    Sydney, Australia
    You'll need to call westpac to request a disbursement letter and ask anz for a final statement of sorts.

    If you have a broker they can request from westpac. We request for our clients time to time depending on the transaction.
     
    Patricia likes this.
  5. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker Business Plus Member

    Joined:
    9th Jun, 2006
    Posts:
    27,194
    Location:
    Australia wide
    Consider the discharge of mortgage and interest accrued
     
  6. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

    Joined:
    15th Aug, 2005
    Posts:
    6,538
    Location:
    Gold Coast
    in 20 years, and a billion in settled loans in our biz, a lender has not ever got this wrong, its a highly automated process.

    Allow due time for due process and you will find it all comes out in the wash.

    We often have clients " missing " a few hundred dollars, and ask them to be patient, it always self resolves

    ta
    rolf
     
    Terry_w likes this.
  7. Trainee

    Trainee Well-Known Member

    Joined:
    24th May, 2017
    Posts:
    4,108
    Location:
    Australia
    Most likely final interest, discharge fees and new mortgage fees. No one ever expects these.

    the final loan statement and new loan statement will show what happened.
     
  8. Patricia

    Patricia Active Member

    Joined:
    16th Feb, 2020
    Posts:
    37
    Location:
    Sydney
    Yes, I have taken them into account. The final interest have been taken, the discharge fee is $160 from ANZ for each property. We dont pay new mortgage fees as we use premier package. The government fees are around $400 for each property. The shortfall is around 3k. I will need to ask Westpac. Thanks all. I am just wondering when all the figures will be updated, as I just settled the refinance last Wednesday.
     
  9. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

    Joined:
    15th Aug, 2005
    Posts:
    6,538
    Location:
    Gold Coast
    sorted ?

    ta
    rolf
     
  10. Patricia

    Patricia Active Member

    Joined:
    16th Feb, 2020
    Posts:
    37
    Location:
    Sydney
    I spoke to my broker. He said he had requested Westpac for the break down figures and that Westpac would not normally do this, but they would send settlement paperwork to me within 6 weeks. I might need to wait for 6 weeks though, which is quite a long time.

    Anyone can confirm if I am on Breakfee package, what fees would I need to pay for refinance to Westpac? From my understanding, the fees include title search fee of $14.70, registration fee of $143.50 and transfer fee of $143.50. Also, I tried to look for ANZ discharge fee, but could not find it on my ANZ loan paperwork.

    Thanks for your help.
     
  11. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker Business Plus Member

    Joined:
    9th Jun, 2006
    Posts:
    27,194
    Location:
    Australia wide
    Discharge of mortgage about $350

    Bring on the packages doesn't change anything
     
  12. Patricia

    Patricia Active Member

    Joined:
    16th Feb, 2020
    Posts:
    37
    Location:
    Sydney
    Is ANZ discharge fee $160? Could any broker confirm that? Thanks for your help.
     
  13. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

    Joined:
    15th Aug, 2005
    Posts:
    6,538
    Location:
    Gold Coast
    twice that Patricia

    320

    ta

    rolf
     
  14. Patricia

    Patricia Active Member

    Joined:
    16th Feb, 2020
    Posts:
    37
    Location:
    Sydney