Mortgage registration fees - sending me broke!

[Jamie M]

Hi guys,

Quick question. Last week I was charged a mortgage registration fee of $393.00 for an I/O loan that settled two months prior. They just took the fee out of my LOC.

One week after this fee, another "registration fee" of $388.00 was taken out of my LOC.....

I called the bank and they said "it's just mortgage registration fees, sometimes it takes the land titles office a while to process them."

The first fee ($393.00) is for an IP that settled over two months ago. The second fee ($393.00) is for my LOC account which settled one year ago! I can appreciate delays but taking one year to charge a mortgage rego fee seems a bit strange....

I know mortgage registration fees are payable, but in both consumer credit schedules it says $96 for registration of mortgage (ACT) and $96 for registration of discharge of mortgage (ACT).

This is really annoying me! It seems that each week someone (apparently the lands titles office) dips into my account and takes out just under $400. The only description on the account each time is "registration fee".

Are mortgage registration fees really this expensive (loans are in the ACT)? Can you be charged more than what was stated in the credit schedule? Can it take up to a year for these fees to be charged?

 

[Rolf Latham]

land transfer reg too maybe ?

ta
rolf

 

[Spectre]

They had that happen to me at cba and they didnt process it quickly enough
you can claim against the bank as its outside of the loan offer/contract
Well, I did anyway.

 

[eternit]

They had that happen to me at cba and they didnt process it quickly enough
you can claim against the bank as its outside of the loan offer/contract
Well, I did anyway.

Do you mean you got the money reimbursed by the bank?

 

[Bigtone]

Hi guys,

Quick question. Last week I was charged a mortgage registration fee of $393.00 for an I/O loan that settled two months prior. They just took the fee out of my LOC.

One week after this fee, another "registration fee" of $388.00 was taken out of my LOC.....

I called the bank and they said "it's just mortgage registration fees, sometimes it takes the land titles office a while to process them."

The first fee ($393.00) is for an IP that settled over two months ago. The second fee ($393.00) is for my LOC account which settled one year ago! I can appreciate delays but taking one year to charge a mortgage rego fee seems a bit strange....

I know mortgage registration fees are payable, but in both consumer credit schedules it says $96 for registration of mortgage (ACT) and $96 for registration of discharge of mortgage (ACT).

This is really annoying me! It seems that each week someone (apparently the lands titles office) dips into my account and takes out just under $400. The only description on the account each time is "registration fee".

Are mortgage registration fees really this expensive (loans are in the ACT)? Can you be charged more than what was stated in the credit schedule? Can it take up to a year for these fees to be charged?

IMO rolf is right they will both be land transfer registration fess not the $96 mortgage registration fees that would also have been charged, bet the bank was CBA

 

[Spectre]

Do you mean you got the money reimbursed by the bank?

The difference


EDIT: I was at a cba group discussion today - brought this up and the BDMs advised they'd appeal for refund for the difference as well as the fees werent processed in a timely fashion. So suggest you speak with your bank/broker to discuss.