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I have a complicated senario and I am not sure if you can…

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Dear Ombudsman, I have...

Dear Ombudsman, I have a complicated senario and I am not sure if you can help but my lawyer is away for another week. I had a marriage breakup 2.5yrs ago and we still havent had finacial settlement . We have a SMSF and have loans to Westpac of $4.5M. It has been a very traumatic last 2 years as Westpac has been demanding lease updates, finacial statements and revaluations every 3 mth. I have had no communication with my exhusband who is unfamiliar with the finacial world and has at times rung the bank manager upset and probably abusive. Despite this we have never defaulted, and we have always given the bank what has been requested within 1-2 weeks. I have had to employ a fulltime PA to achieve this. Last month the bank informed us that they would not renew the loans and they were putting the interest rate from 6% to 16%, last months interest was over $40K. They have also billed us $3K for 2 valuations that they requested. These were partially done when they decided to not refinace, even though the purpose of the valuation was for refinancing. I had a conference call with them before Christmas and said I didnt know why they were doing this. They were unable to give me a satisfactory answer. The SMSF has had 3 audits in the last 2 yrs and all is compliant. I was hoping there is a way to freeze the increase in interest until an investigation is done. Please advise. Thank you, regards ***** *****

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

Victoria

Lawyer's Assistant: Has anything been filed or reported?

No

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

There is so much but i think she will either say it's too hard or not

Submitted: 6 months ago.Category: Australia Law
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Answered in 4 minutes by:
1/3/2018
Solicitor: John Melis, Lawyer replied 6 months ago
John Melis
John Melis, Lawyer
Category: Australia Law
Satisfied Customers: 3,334
Experience: Principal Lawyer at Legal AU Pty Ltd
Verified

Hi, my name is***** solicitor in Melbourne. Thank you for using Just Answer, and I will be with you shortly.

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Solicitor: John Melis, Lawyer replied 6 months ago

if your lawyer is unable to mediate a resolution amicably within a reasonable time, proceedings should be commenced in the Federal Circuit Court.

You have said the marriage breakup was 2.5 years ago and if your lawyer has been handling the matter for longer than 6 months without resolve, court proceedings is the next step in order to force a resolution so you can move on with your life financially.

does this answer your question today ?

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Customer reply replied 6 months ago
no, i have mediated a settlement with my ex but the bank has not renewed our loans and as such we are unable to move forward. My ex needs to pay me 2M but the westpac wont renew so he needs to find another bank to take over the super debt, as do I. In the meantime the bank are charging this 16% interest rate on $4M which is why I have contacted you. What rights do I have to challenge the bank?
Solicitor: John Melis, Lawyer replied 6 months ago

challenging the banks will not go the path that you seek.

the solution is to have the financial agreement put into place as early as possible and use that basis to to stop the bank calling up the loans until the property is refinance or sold.

the BFA is the key to your situation.

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Customer reply replied 6 months ago
i have the financial agreement put in place but the bank wont finace my ex so he can pay me out, now he has to go elsewhere which could take a couple of months and attract about 100K interest!
Solicitor: John Melis, Lawyer replied 6 months ago

I have sent you a special offer to talk on the telephone if you prefer ?

would you like to do that ?

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Customer reply replied 6 months ago
ok
Solicitor: John Melis, Lawyer replied 6 months ago

just accept the offer and then we can talk.

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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).

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