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Deborah Awyzio
Deborah Awyzio, Solicitor
Category: Australia Law
Satisfied Customers: 863
Experience:  Bachelor of Laws (QUT), BIT (QUT), Family Law Accredited Specialist, over 12 years experience
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Hi, am in desperate need of sound legal advice . Just recently

Customer Question

Hi, am in desperate need of sound legal advice . Just recently I went to consolidate homeloans to make my payments more affordable and easier. I had been in conversation with my loan specialist and ask if I could look at consolidating keeping the same set up and account number as what I previously had. I had a home loan and and extension of a home loan. She said this was possible and she would do up the application. it was to be for a set amount and what I thought will still allow me access to my special redraw facility once my fixed loan term had matured. /throughout this time I was going thru very traumatic court orders for domestic violence and couldn't decide on locking in my loan for the three as she had prepared or a shorter term due to the lack of family support where I lived so I emailed my lender informed her of my situation and she was happy enough to hold the signed application til I return with a clear head to continue. Once I returned I told her I wanted it to be set up as my previous loan so that the money I had offset against the interest could be accessed once out of fixed term but for the shorter term of two years. Easy or so I thought. She then sent away for new paper work with the adjusted lock in frame and said it would basically just be the signing now that was all that was needed. So I endeavoured to do that at the assumption she was aware of my needs and that it was set up like my previous loans. After doing so I made contact via email as I had not heard of any news regarding same . she promptly sent back and said it probably would take a week or two. I received an email on the 10/06/ no phone call just email which I was lucky enough to have checked so as late as Sunday night I was phone bank checking all my balances to see where I was at prior to my pay going in on Wednesday to learn that My new loan obviously had been funded but no longer did I have access to the money I had offset like previously. I seen red hit alarm buttons and said this was so not what I had been led to believe the loan contract would be set up like. So I rang the banks 24hr hotline and asked to speak to the general manager after speaking with the 1st in line he said to go to the agreed meeting with the lender to find out where I stood and to see what alternatives were on offer. I was told outright they could not revert back to my previously loans at all and the only way I could have that redraw was to top my loan up by that amount. Or leave it as it was and have no redraw at all all being written off my outstanding mortgage balance. I am devastated that was my own personal safety net securing my loans as to not losing my home. Is there anything that can be done to be able to legally revert to my old loans or is there a cooling off period that covers this type of thing. Todays they just wanted me to sign switching forms so they could go about topping up the loan and saving the adjustmented fee before refixing at the agreed 2 yr contracted terms. I Desperately need good solid legal advice > Bank in question was Commonwealth bank!
Regards Judy
Submitted: 4 years ago.
Category: Australia Law
Expert:  Leon replied 4 years ago.
Good Evening

Thank you for your question. To Introduce myself I am a sydney based Solicitor and will do my best to provide you with relevant information to assist you.

Do you have evidence in writing of what you requested and you were told it can be done?