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Ask Brisbane-Lawyer Your Own Question
Brisbane-Lawyer, Solicitor - Admitted 2005
Category: Australia Law
Satisfied Customers: 14361
Experience:  I did my law degree at the University of Queensland
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I owned a property, which had a small mortgage attached. I

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I owned a property, which had a small mortgage attached. I rented it out while I moved 300kms away to the city, mainly for job opportunities. For the past few years I have been renting nearer to the CBD.
The past few years I have also been studying part time, and have not been able to secure permanent work. I am currently working in a "permanent temp" arrangement, and have done this at various places the past couple of years.
I have offloaded so much in rent, rent for the property I owned covered a small amount of it for awhile.
I approached my bank where I was told I could change my loan to a new security if I sold my mortgaged property. I did not find another house immediately, and was told that the funds from the property sale could be put into a term deposit, with the term deposit being used as security in the meantime. There would be some fees involved in both transactions.
Instead of doing this, the bank have put the mortgage amount into a term deposit, and used the surplus to pay off the mortgage. I don't fit the criteria for a new mortgage (not having a permanent job), so this is not the way it was explained to me and is not the way I wanted it.
The bank branch are aware of that, and have been most apologetic, telling me not to worry, it will be fixed. I really need some answers before settlement on my new property in five weeks.
I really need some answers before settlement on my new property in five weeks.

If the bank did not do what you had agreed on, then that is a very serious matter.

I recommend you make a complaint about this to the Financial Services Ombudsman. Simply call the Ombudsman's office on (03) 9613 7366 and tell the person who answers that you want to "Lodge a Dispute". Be sure to use those words, or they may send you to the incorrect department.

The dispute department will ask you to fax or email or post to them a letter detailing what happened, what action you took to resolve this problem with your bank, and lastly, why you feel aggrieved. If you don't want to write this all down, you can explain it to the person on the phone who can take down all the relevant details, but that of course, could take a while to explain it all. Once the Ombudsman has the written complaint, they will investigate. The Ombudsman aims to resolve every dispute within forty five (45) days.

I have used their service myself on occasion, with amazing results. If the Ombudsman agrees with you, they have the power to make the bank fix the problem. So that would be the best course of action for you to take here.

If you're satisfied with the results of your question, then I'll ask you to please provide positive feedback so that I will get credit for the time spent on your question.
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