I have a property that was due for settlement on monday. There's a surplus of $140k. In the past 2 mths I have defaulted repayments because I decided not to renew the leases and put them on the market instead. I knew they would sell quickly and cashflow is tight (no rent) so I thought it would be ok to default for a few mths.
I tried to explaining this to westpac but they didn't care since the loans were not in collection but when they became in the red, they would hounding me weekly.
Now today, arranging settlement with the settlement team, it seems the surplus funds will not be released to me because of the default. They have recently changed laws and take default really seriously. Basically, it doesn't matter if the loans is paid out and all defaults paid off. The surplus will go into my other loan accounts to decrease the LVR.
My LVR is already at about 75% without recent valuations.
But it doesn't matter as it's up to credits discretion to do what they want. Basically they may paint the scenario; I am selling 2 houses at once, not made repayments for 2 mths for 2 properties, what am i planning to do with surplus funds? etc
They even want to know what I want to do with my money? why not pay off the other loans?
It just doesn't make sense. I have 8 yrs history with westpac and never defaulted ever.
is it just scare tactics.
i'm planning to pay 90% of the interest today $6k but it's still going to credit.
I tried to explaining this to westpac but they didn't care since the loans were not in collection but when they became in the red, they would hounding me weekly.
Now today, arranging settlement with the settlement team, it seems the surplus funds will not be released to me because of the default. They have recently changed laws and take default really seriously. Basically, it doesn't matter if the loans is paid out and all defaults paid off. The surplus will go into my other loan accounts to decrease the LVR.
My LVR is already at about 75% without recent valuations.
But it doesn't matter as it's up to credits discretion to do what they want. Basically they may paint the scenario; I am selling 2 houses at once, not made repayments for 2 mths for 2 properties, what am i planning to do with surplus funds? etc
They even want to know what I want to do with my money? why not pay off the other loans?
It just doesn't make sense. I have 8 yrs history with westpac and never defaulted ever.
is it just scare tactics.
i'm planning to pay 90% of the interest today $6k but it's still going to credit.