Refinance - how long till old loans close down? (CBA)

Discussion in 'Loans & Mortgage Brokers' started by Pipsal, 19th Jan, 2022.

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  1. Pipsal

    Pipsal Well-Known Member

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    21st Dec, 2015
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    Brisbane
    How long after a refinance/settlement takes place do loans usually take to close off - it's been over 4 weeks now since settlement. Out of 4 loans all refinanced together on one day, only one out of 4 had a $0 balance and was closed immediately, but the others are still open with between 50c and $2000 additional funds sitting on them (I can't access the money though).The amounts are all more than interest owing for the month, they only had about 4 days accrual and were well below $900 for a whole month of interest....what's the extra money been paid into the accounts for (bank discharge fees also don't account for it all) and is it fairly standard that loans will close at different times (and over a long period) when refinanced together?
    MB & conveyancer just said it's all correct, and bank couldn't seem to tell me what the $ are for and it could take 2 months for the other accounts to be closed off? Why are these accounts different to the other one?
     
  2. Peter_Tersteeg

    Peter_Tersteeg Mortgage Broker Business Member

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    Usually it's done within 24 hours of the refinance. Something has gone wrong, you need to give them a call.
     
  3. Cadbury99

    Cadbury99 Well-Known Member

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    QLD
    Sold two properties late last year with CBA loans - it took 6-8 weeks for CBA to closedown the loans and pass the final credit balance back to me.
     
  4. Tony Xia

    Tony Xia Structured Loan Advisor Business Member

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    Ranges at time, recently took them 30 days to close my clients account.
     
  5. Greedo

    Greedo Well-Known Member

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    Cairns
    I’m currently at 5 weeks and counting with CBA. They advised it’s currently taking 4-6 weeks..
     
  6. jins13

    jins13 Well-Known Member

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    I've contacted CBD and they said they are pretty behind at the moment. They advised me to contact them back in three weeks' time if it remains unchanged.
     
  7. Ian87

    Ian87 Well-Known Member

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    Melbourne
    I am the same, funny that though, I wonder what they would have said if I didn’t pay them for 4 weeks and told them to check back in a few weeks time as I am a bit behind at the moment.
     
  8. jins13

    jins13 Well-Known Member

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    Def not reciprocated and a one way street. I was glad when they asked me why I was refinancing my loans out of CBA ha ha.