From the archives.....

[XBenX]

Reply: 2.1
From: Mike .


Thanks guys, for your thoughts.

I'm embarrassed to say, but I've been caught out and have been paying $80 interest to the vendor since Monday. I still haven't received the Mortgage documents! Hopefully, will get those tomorrow and settle Friday or next Monday.

The property is in Brisbane, so using a Brisbane solicitor, the Mortgage Broker is in Newcastle, NSW and the loan originator is in Melbourne. 3 properties had to be valued.
My solicitor had me sign a 28 day settlement as they thought that would be plenty of time. The solicitor tells me that communications with the lender have been "difficult".

I may have lost some money, but I intend to get a full explanation from someone.

Just for future reference, how involved should a purchaser get with checking that settlement is progressing as intended and will not overrun? I did receive reports that things weren't all well and that the settlement date was going to be revised but I was only told today that interest was being charged from Mon 12th. What could I have done, anyway? Was it a simple case of the short settlement period being too optimistic?

Regards, Mike

Mike - If you are still a member (and happen to read this) - did your loan happen to be through Homepath ?

Has anyone else had any bad experiences w/ this company ?

Seems like they have their fair share of unsatisfied customers... from what Ive heard

 

[Iggy_Type_R]

I've had some bad experiences with Homepath:
I had my very first mortgage with them... when I refinanced to Bank West everything seemed fine. But then I refinanced to Westpac (BoMelbourne) and all sh*t hit the fan! Homepath forgot to discharge my mortgage, which meant that Bank West never ended up registereing my mortgage, so I had to delay my refinance by 4 weeks, which ende dup causing a late settlement on my 2nd IP and and interest penalties... GRRR!!!!

 

[Simon]

it couldn't be HomePath as they don't use brokers.

I have a relative who used Homepath. They advised at the beginning that they would need a 42 day contract or they couldn't meet the settlement Even towards the end it was a bit touch and go but it settled on time. I guess you get what you pay for.

By the way the Newcastle based broker in the story wasn't me!

Merry Christmas everyone,

Simon.

PS Anyone want a 7 week old white kitten?

 

[Mike]

Hi XBenX,

The lender was ANZ and they have a difficult channel of communication to the originator in Melbourne. Even branch managers are kept on hold for ages trying to get through. They have to use the same phone number as customers and also get caught in a waiting cue.

One of the delays was attributed to the payroll department of my employer who was meant to send a fax verifying that I had stopped my super contributions thereby increasing my pay. They e-mailed my broker instead with the verification but the ANZ wanted a signed fax copy instead. I had no idea this problem had occured. I think my broker could have informed me sooner.

Regards, Mike

PS I don't think I was charged any interest in the end because the person who I sourced the property from had a conversation with the developer who promptly backed down.