Let bank hold onto title or?

[onion33]

I know I've asked this before, but now I am definitely closing the home loan against my PPOR (it has been sitting open at a balance of $0). Westpac decided to start charging me $8 a month to keep it open. So I'm closing it.

Question is: Westpac said they can hold onto the title or I can get it (for a fee). We have a bank vault I can store the title in. I dont have any other accounts with Westpac. What should I do?

 

[Peter_Tersteeg]

Do you have somewhere more secure than Westpac's document storage?

If you have no intention of selling or borrowing against the property, you probably don't need to hold onto the title yourself.

 

[onion33]

I have borrowed against the property. Might check with my broker what implications this would have. Thanks.

 

[Peter_Tersteeg]

If you've got a mortgage against the property, they're not about to give the title back.

If you've borrowed against the property in the past but that loan has been closed, they can give you the title back (for a processing fee), but then you have to store the title yourself.

 

[alicudi]

Hi

Is it really necessary to keep the title in a secure and safe storage facility?

Can't a new title be issued for around $20 from the land titles office?

Regards,

alicudi

 

[Terry_w]

what if someone steals it?

 

[JameZ]

what if someone steals it?

What are the implications if it does get stolen?

 

[Scott No Mates]

What are the implications if it does get stolen?

Someone in Nigeria may put it on the market after introducing themselves as the owner/vendor to an agent.

 

[Paul@PFI]

More likely to be a friend, relative, tenant, cleaner etc.

Another option is bank safe custody service. Refer to location in your will.

 

[Mick C]

OR....presuming you can service the loan a new loan of $50k with an offset on i/o

No interest and no fee....and technically you still have a mortgage with them.

 

[Hodge]

What could happen if somebody stole the title and sells the property? Will the sale legally need to go through or is there some kind of protection against this type of fraud?

 

[The Y-man]

What could happen if somebody stole the title and sells the property? Will the sale legally need to go through or is there some kind of protection against this type of fraud?

Please see
http://somersoft.com/forums/showthread.php?t=105316&highlight=titles

The Y-man