The Penultimate Event?

If it's not written on your settlement documents, it's not going to happen any differently. Our solicitor acts according to the documents. The agency responsible for writing the documents (a business unit administering this on behalf of WestPac), act on the instructions of what is agreed between RAMS and the mortgagee. So, if a point such as paying the administration fees separately, is not communicated to the agency by the rep, then no matter what the rep says afterwards, what is written in the document will be exactly how it happens.

I don't know why we would think otherwise.


Actually, our solicitor shared an interesting fact with us. Mortgage lenders receive a trailing commission from the finance company based on the size and duration of the mortgage? I'm not sure whether the broking company pass this on to the actual mortgage brokers, but trailing commissions for the next 30 years on average, based on a one-time sale sounds like a good deal.


So, after stepping out of the movie theatre when I received a call from the RAMS rep this morning, I asked whether there would be any fees on the second part of our loan, when we extend it to cover the build. He said there would be setup fee for the extension. The extension process would take place after the land is settled. I told him that because of his miscommunication, I expect RAMS to waive this fee. He was quick to say that he is unable to offer this.

I told him he should at least speak to someone who can and then come back to me. He agreed and said he would...I'm not holding my breath.

There was one positive from this, we were exempt from paying the mortgage duty fees.

So, on the eve of settlement, actually, our settlement is Monday the 27th July, our solicitor told our lender it is tomorrow just in case we have any last minute problems. If there is, we could address these on Monday without incurring a late penalty fee from Landcom. Clever guy. So our solicitor after booking in a time for the title of ownership exchange a few days ago, has assured us he has all the paperwork ready. Once he receives our cheque (to cover the low valuation) tomorrow, he will complete the process.

...nice!