OPINIONby Tim O’Dwyer M.A., LL.BSolicitorConsumer Advocate watchdog@argonautlegal.com.au If a good Samaritan wants to buy you a property, watch out for any equitable strings attached! After Charles Irvine and Soozie Cooper met through an internet dating service in March 2006, they entered into a sexual relationship. Charles was a successful businessman while Soozie was less financially secure. She had a job, owned her home and was paying off a bank mortgage. Charles’ and Soozie’s relationship lasted...
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by Shannyn HunterConveyancer shannyn@lawyersconveyancing.com.au Lawyers Conveyancing Anyone who has dealt with the banks for a home loan will tell you about their battle scars with pride. Simply securing finance approval can be a frustrating and baffling task. An anxious purchaser can be kept waiting for finance approval because the valuation has been delayed, the vendor has gone overseas, the valuation has been done but your documents are being processed, your broker is on leave, your call...
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by Tim O’Dwyer M.A., LL.BSolicitorConsumer Advocate watchdog@argonautlegal.com.au This latest “Clayton’s” finance approval letter is hot off my fax machine. Last year I reported on an upbeat broker’s keenness to show me that my clients’ finance had been “approved” – by way of a copy of a letter from the lending bank confirming that the loan application had been “Unconditionally Approved.” (see: Clayton’s Finance Approval (The Approval You Have When You Don’t Have Approval)). Responsible...
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by Tim O’Dwyer M.A., LL.B Queensland Solicitor & Consumer Advocate watchdog@argonautlegal.com.au The fax came through late one afternoon from the mortgage broker for a residential property buyer on whose behalf I was acting. “Dear Tim,” it familiarly began, “I am pleased to advise that finance has been approved, to assist with the purchase of the above-mentioned property.” The fax, which was on the broking company’s letterhead, continued that the broker (THE LOAN MARKET MULTIBANK LENDING...
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