Hi all, The feature of us entering "funds required for settlement" doesn't really fix the issue of the banks not even advising us of funds available until last minute. Why can't the bank's still issue paper confirmation of the nett funds available, and breakdown of what is being paid out of the loan? We're lucky if they advise 3-5 days before settlement funds available, let alone what fees etc are being paid out i.e. we had loan approval of $500,000.00 but our client was paying LMI of $25,000.00. We never really know that unless our clients bring it to our attention. If the bank's still issued a confirmation of funds available letter, then they could say loan amount $500,000.00 less LMI of $25,000.00 less fees of $1500.00 so then we know we would be working with $473,500.00. It's a bit embarrassing when you are short $25,000.00. PEXA still has a long way to go before this is all going to be pain free!! We constantly have to hound the bank for funds available.
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