Westpac Bank - Purchase
10-10-2019 11:53 AM
My Buyer's Off The Plan Purchase did not settle on time recently for the following reasons:-
1. Westpac only loaded the loan funds available 4.5 hours before close of business day before settlement.
2. Westpac released the portability loan funds back into their customer's savings account and did not advise us they had done this.
My client therefore had less than 12 hours to transfer cleared funds into our Trust Account before the settlement time.
The Workspace had been set up on the basis that Westpac was providing all funds at settlement due to the portability. This meant I was required to pay the stamp duty within the Workspace and as part of the settlement.
Because this was not the case, we had to not only transfer from our Trust Account to PEXA the client's contribution but also the stamp duty required in the workspace. As the Queensland Office of State Revenue is not set up to pay stamp duty within the workspace, we then had to wait for PEXA to transfer back into our Trust Account the stamp duty amount before EFT'ing payment to the Office of State Revenue.
Please tell me how is PEXA easier when the banks leave things so late ?
The banks are going to have to "upp their game" if they want Queensland to come on board.
When time is of the essence there is no room for errors.
On this occasion the Seller/Developer agreed to grant a one day extension of time.