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I was just at a loss to understand about what the bank did…

Customer Question
Hi, I was just...

Hi, I was just at a loss to understand about what the bank did with my home loan. Last year I sold a property that I had used to buy my home. When I sold my property there was $135,000 added to my home loan but the bank tells me that I still have no equity in the property I dont understand this. Shouldn't this money be available to me to redraw on???

Lawyer's Assistant: Because real estate law varies from place to place, can you tell me what state this is in?

Perth WA The property I sold was in Victoria

Lawyer's Assistant: Has any paperwork been filed?

The loan shows that the original loan was at $630,000. Now it shows that I owe $530,000. Why is the bank saying that there's no equity or why is this extra not available to redraw?

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

Yes, originally the bank manager told us that we would have $58,000 available once it had all been finalised. We never signed anything but then the manager kind of just went whoops, I made a mistake and then there was nothing available. All of a sudden the manager would not answer my calls or return any of my calls and hasnt had any contact with me since

Submitted: 8 months ago.Category: Australia Law
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Answered in 1 minute by:
9/18/2017
Solicitor: Leon, Solicitor replied 8 months ago
Leon
Leon, Solicitor
Category: Australia Law
Satisfied Customers: 46,456
Experience: BEc Dip Ed, Dip Law (SAB) MTax (UNSW)
Verified

Hi, I am Leon, a NSW Solicitor. I will be assisting you with your question. If you choose a telephone call, you will be charged an additional fee.

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Solicitor: Leon, Solicitor replied 8 months ago

Good Morning

Did you have a solicitor act for you?

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Customer reply replied 8 months ago
No
Solicitor: Leon, Solicitor replied 8 months ago

Good Afternoon

You acted for yourself on the sale and buying the new property?

You have signed some documents with the bank that allowed them to do what they did.

You can only redraw on a loan if the money has been repaid into the loan. If the money has not been repaid then you cannot redraw.

Do you have any documents that you signed with the bank when you took out the new loan?

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Customer reply replied 8 months ago
I requested the banking ombudsman, as far as I was aware this was a free service from the government. I will redirect my query to them directly. It seems I have been transferred to the wrong department. I cancel this service as of now
Solicitor: Leon, Solicitor replied 8 months ago

Good Morning

You have not contacted the ombudsman.

They will not respond to you. If you want to go to the ombudsman you have to lodge a complaint with them.

Advise is not given on the phone they will tell you to seek legal advise.

Here is the ombudsmans link and I will ask you get a refund here.

https://www.fos.org.au/

We are solicitor and we provide information to assist you.

All the best and good luck

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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).

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