Westpac...words fail me...wow

[neK]

26hrs later funds in account. Stupid really they cant just up the limit. But I can put funds back to loan and redraw when I need it (Yes I checked) so I did that. I suspects its some legal issue with increasing a loan. Upping a limit may not be an "advance". I don't know. The Mortgage Company seem to do it smoothly. No complaints.

Isn't that how a standard variable loan works? Whereas if it was an equity loan it would not transfer the funds to a nominated account?

(Had that happen to me multiple times before with St George - I always suspected it was because i had a Standard Variable loan as opposed to the Portfolio Loan - did that to save on 0.15%)

 

[Peter_Tersteeg]

Paul was this a top up of an existing loan (increase by about $50k) or was it an actual refinance (with full documentation)? Westpac's top up process is very quick and easy. This is something they excel at.

 

[Tim86]

Signed the third set of loan approval docs today

Had the bank manager trying to push the blame for the stuff up onto me and the broker. I wasn't having any of it, it was westpac's stuff up. It's bad enough they screwed up, but the fact that they wouldn't even take responsibility for their stuff up is very annoying.

 

[Tim86]

The latest stuff up: because the transfer document is signed by both parties already as we are related and there is no need to hold off signing until funds are transferred etc... because we trust we wont steal from each other (brother and sister) the bank has thought that we had already faxed them the original transfer document, when it was actually just a photocopy of the pre signed transfer document. So they've stated they need to send back the original document to us. I've corrected them so now they are telling me to give them 4 hours to sort it out.

Wonder how long this will further delay settlement.

 

[Tim86]

Settlement all done... yaaaaay!

The settlement agent for westpac was awesome, I was self acting so I wrote a couple of things wrong on the transfer form (nothing major) and the title search document I had was 3 days old, so needed to pop over to the titles office and grab an up to date one, but she spent a good 1hr sorting out settlement with me.

After all the issues with westpac it was nice to have that final experience with the loan be a nice one.