Australia Law

Have Australian law questions? Ask a lawyer now.

Ask a Lawyer,
Get an Answer ASAP!

Where do I stand, I spoke to Bendigo Bank office whom I believed…

Customer Question
Where do I stand, I spoke...
Where do I stand,
I spoke to Bendigo Bank office whom I believed to be the manager regarding loans for investment properties purchased through our superannuation fund shortly before 4th May as our first email is dated 4th May 2015. One of my questions to the "manager" was can I have a 30yr term...the answer was Yes.
The Letter of Offer was not made until the 18th June…settlement was to be the 22nd June, the Term stated was 240months not 360 months, I am now told that Bendigo Bank won't do a thirty year term for superfunds!!
We signed the papers for 20yr term (our big mistake)
All of this time I was under the understanding that a 30year term was to be used!!!
Being that we've signed papers agreeing to the term, but taking into consideration the Letter of Offer was only presented 4 days before settlement where do we stand?
Judy
Submitted: 2 years ago.Category: Australia Law
Show More
Show Less
Ask Your Own Australia Law Question
Answered in 5 minutes by:
6/30/2015
Solicitor: Leon, Solicitor replied 2 years ago
Leon
Leon, Solicitor
Category: Australia Law
Satisfied Customers: 46,603
Experience: BEc Dip Ed, Dip Law (SAB) MTax (UNSW)
Verified
Good Morning,My name is ***** ***** I am a NSW Solicitor. Thank you for your question, and will do my best to assist you with your question. Please understand this is not legal advise Please understand this is not legal advise but a guide to assist you.Have you signed anything?
Ask Your Own Australia Law Question
Customer reply replied 2 years ago
Yes.
Customer reply replied 2 years ago
Did you read my full statement?
Solicitor: Leon, Solicitor replied 2 years ago
Good Morning,My apology my post was cut short. It was supposed to say "and when you did, did you get legal advise and have the document explained to you?"Have you requested the bank to extend the term and if it is possible?My suggestion is to settle so that you are not penalised and consider refinancing after settlement.
Ask Your Own Australia Law Question
Customer reply replied 2 years ago
Yes they can not do a thirty year term...this is my problem!! They told me they could.
I did settle as to avoid penalties but I have a second house ready to settle in early July with the same scenario.
Customer reply replied 2 years ago
No legal advise was obtained at that time. Legal advise was obtained for all of the other requirements of borrowing through a Superfund...not the repayment options
Solicitor: Leon, Solicitor replied 2 years ago
Good AfternoonYou have to settle so you do not lose out. If you have evidence in wiring that they said that they would do a 30 years term you can then take them to to the ombudsman and also ACCC fro falls and misleading conduct. But you cannot afford not to settle as you will be in a position where you will lose the 10% deposit and be liable for further costs. When you obtained the legal advise did the solicitor explain to you as the guarantors about the terms of the loan etc?
Ask Your Own Australia Law Question
Customer reply replied 2 years ago
I don't have the promise of 30 yr term in writing, it was a discussion held with two members of the bank.
We have settled on the first property, but the second one is due in one week.
Regarding your question about the legal advise...No, not really. We can furnish the loan so being guarantors is not an issue.
Solicitor: Leon, Solicitor replied 2 years ago
Good AfternoonYou have to be guarantors because the borrower has to be the Superannuation fund.
Ask Your Own Australia Law Question
Customer reply replied 2 years ago
Yes I understand all of that and we've set up trustees companies and bare trusts etc. etc. etc. My argument with the Bendigo Bank is their giving me false information regarding the terms of the loans available to superfunds.
The costs and protocol involved in setting up these loans was way over the top, and I would be very hesitant in transferring the loans....although I would love to change banks now!!
Solicitor: Leon, Solicitor replied 2 years ago
Good Afternoon,I understand what you are saying, but your solicitors that should have also giving you appropriate advice and explain to you the term of the loan. This should have been done before you signed. In relation to Bendigo bank, you have a right to bring an action against them as they have misled you and produce the documents that do not comply with the original offer they proposed. You can report this to the ombudsman and hopefully they will assist in rectifying it. Once this property has settled your alternative option is to look at refinancing with another lender and obtaining a longer repayment period and if there are any penalties to Bendigo for paying out the loan early, then you would be seeking that these penalties be waived on the basis of their mistake.I would suggest you advise Bendigo that you have been misled and request that they rectify the problem by issuing new mortgage documents after settlement. If they refuse to do so then you should look at having an alternative lender refinance the loan. I hope this makes sense and is of assistance.
Ask Your Own Australia Law Question
Customer reply replied 2 years ago
Thanks Leon
Solicitor: Leon, Solicitor replied 2 years ago
Good luck with it. You are very welcome and thank you for using my services. If I have missed anything, or you have any further questions please let me know If there is anything else in the future please do not hesitate to ask. Please do not forget to leave positive feedback. RegardsLeon
Ask Your Own Australia Law Question
Solicitor: Leon, Solicitor replied 2 years ago
Good Evening.
I'm just following up our discussion earlier this week and seeing whether there is anything else I can assist you with.
If I have missed anything, or you have any further questions please let me know.
If there is anything else in the future please do not hesitate to ask.
Please do not forget to leave positive feedback.
I look forward to hearing from you.
Regards
Leon
Ask Your Own Australia Law Question
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a solicitorLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask Leon Your Own Question
Leon
Leon
Leon, Solicitor
Category: Australia Law
Satisfied Customers: 46,603
46,603 Satisfied Customers
Experience: BEc Dip Ed, Dip Law (SAB) MTax (UNSW)

Leon is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises!

Gary B.Edmond, OK

My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer.

EricRedwood City, CA

I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight.

MichaelWichita, KS

PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent.

Three H.Houston, TX

Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!!

ElaineAtlanta, GA

It worked great. I had the facts and I presented them to my ex-landlord and she folded and returned my deposit. The 50 bucks I spent with you solved my problem.

TonyApopka, FL

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

< Previous | Next >

Meet the Experts:

Deborah Awyzio

Deborah Awyzio

Solicitor

863 satisfied customers

Bachelor of Laws (QUT), BIT (QUT), Family Law Accredited Specialist, over 12 years experience

Sean

Sean

Experienced lawyer

855 satisfied customers

Law degree with 1st class honours from Australian National University.

James G.

James G.

Lawyer

17 satisfied customers

Australian Legal Practitioner

Darren Kruse

Darren Kruse

Solicitor

16 satisfied customers

Practising in in Personal Injury, Workcover, Civil Disputes, Family, Wills and Estates and Criminal law.

Leon

Leon

Solicitor

46,603 satisfied customers

BEc Dip Ed, Dip Law (SAB) MTax (UNSW)

Daniel

Daniel

Solicitor

5,940 satisfied customers

Bachelor of Laws (dist) Graduate Diploma in Legal Practise. Admitted NSW Supreme Court / High Court

John Melis

John Melis

Lawyer

3,106 satisfied customers

Principal Lawyer at Legal AU Pty Ltd

< Previous | Next >

Related Australia Law Questions
My insurance company NRMA say they are unable to find the
My insurance company NRMA say they are unable to find the address of the other party in a traffic accident. I have given them all the details of the person concerned except for his address. His insura… read more
John Melis
John Melis
Lawyer
Diploma In Law
3,106 satisfied customers
I have a business document that is written in legal speak
I have a business document that is written in legal speak and I need it to be interpreted in English. Can a lawyer assist… read more
Leon
Leon
Solicitor
46,603 satisfied customers
Can freelance app developers from Singapore charge in USD?
Can freelance app developers from Singapore charge in USD? … read more
John Melis
John Melis
Lawyer
Diploma In Law
3,106 satisfied customers
My son has just been kicked out of his private catholic
My son has just been kicked out of his private catholic school for putting a photo of a teacher with an eggplant in his mouth on his snap chat story- do we have any recourse. My son has been seeing a … read more
Leon
Leon
Solicitor
46,603 satisfied customers
My two sons are single inheritors of my deceased brother. He
My two sons are single inheritors of my deceased brother. He deceased in Germany. Testament is in South Africa but certified originals sent to bank (Sparkasse) For one year they have dragged out reply… read more
John Melis
John Melis
Lawyer
Diploma In Law
3,106 satisfied customers
The council are telling me the tree on the nature strip is
The council are telling me the tree on the nature strip is not lifting my asphalt driveway. The council arborist came out looked at the tree and told me the drip line was not in line with the damage w… read more
John Melis
John Melis
Lawyer
Diploma In Law
3,106 satisfied customers
Have a AGL sales bill from 2014 paid but has been credit
Have a AGL sales bill from 2014 paid but has been credit listed , even after I sent a email in August 2014 advising not at that address , bill had been paid but default won't be removed because I didn… read more
Leon
Leon
Solicitor
46,603 satisfied customers
Why does the R.T.A. have control over how squatters in
Why does the R.T.A. have control over how squatters in rental accomodation are treated … read more
Leon
Leon
Solicitor
46,603 satisfied customers
I was directed to you by the nsw nurses association. I am a
I was directed to you by the nsw nurses association. I am a registered nurse and I am looking for advice. I took my phone to a repair shop in Miranda Westfied yesterday, I asked the attendant if he co… read more
Leon
Leon
Solicitor
46,603 satisfied customers
Having trouble getting car insurance because of a criminal
having trouble getting car insurance because of a criminal conviction … read more
Leon
Leon
Solicitor
46,603 satisfied customers
I am writing about the matter previously discussed whereby I
Hi, I am writing about the matter previously discussed whereby I am assisting and author/illustrator ('Marbit') who was not paid royalties on high-volume sales of her published works over a number of … read more
John Melis
John Melis
Lawyer
Diploma In Law
3,106 satisfied customers
We have had an account from our caravan insurance
we have had an account from our caravan insurance company(CIL) which has an amount for stamp duty -$52.43 plus GST for $47.86. … read more
John Melis
John Melis
Lawyer
Diploma In Law
3,106 satisfied customers
Can a council ranger insist on taking any thing they want
Can a council ranger insist on taking any thing they want for an investigation about our pets … read more
John Melis
John Melis
Lawyer
Diploma In Law
3,106 satisfied customers
I have a question regarding a letter of demand from 'Fines
Hello - I have a question regarding a letter of demand from 'Fines Victoria'. … read more
John Melis
John Melis
Lawyer
Diploma In Law
3,106 satisfied customers
My casual contract at my workplace is not to be renewed
My casual contract at my workplace is not to be renewed July1st because my manager feels" I am struggling with the work and that it is time i for me to go". I have tried to find out just why she think… read more
John Melis
John Melis
Lawyer
Diploma In Law
3,106 satisfied customers
I was typing and lost the conversation. I would like to know
I would like to know in QLD The father of my child has sole parenting from Final Orders. He now wants to make his wife Legal Guardian og my 4 year old daughter. Can he do that without my permission and if so what does it mean for my daughter and I. Would he then be able to stop supervised visits with my daughter that is court ordered every 3 weeks … read more
John Melis
John Melis
Lawyer
Diploma In Law
3,106 satisfied customers
My self and 3 minor kids have a migration visa to Australia
My self and 3 minor kids have a migration visa to Australia which expired on July 2016. I am planning to … read more
Leon
Leon
Solicitor
46,603 satisfied customers
I am a grandparent to my eldest sons daughter who is just 6
I am a grandparent to my eldest sons daughter who is just 6 months old..my son is estranged from the baby's mother who has borderline personality disorder.There is a constant lawyer ,avo contravention… read more
Leon
Leon
Solicitor
46,603 satisfied customers

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

Show MoreShow Less

Ask Your Question

x