We had a horrendous experience with ANZ yesterday. Settlement was scheduled for 2pm. We went until 4:18pm without a word from ANZ despite us, the vendor's solicitor and the outgoing mortgagee all requesting updates. I tried calling but was told the only way to communicate with the right team is via the conversation tab. ANZ finally entered source funds 4:18pm, but didn't include the shortfall account (despite the client's business banker assuring me they had authority). After a frantic call to the banker the shortfall funds were added at 4:38pm. However, the drama didn't end there. Apparently the bank needed to sign off the FSS twice and only did so once (I'm still not entirely clear why this was so - this was just what I was told in my desperate phone call to PEXA at 4:55pm). So settlement had to be delayed to another day, our client was charged penalty interest and it was only because of a very kind vendor that they weren't sitting outside with the removalist van and two small children all night! Not to mention the fact that I had to spend the entire afternoon on hold with the bank and checking the workspace hoping for an update. This just isn't acceptable. We are told that 85% of the time the banks are ready to go at 10am, but it seems from my and many others' experience that that just isn't the case. It used to be rare that a settlement would fail; now it seems almost a given that you won't settle at the correct time and will be lucky to settle on the correct day!
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We have an upcoming simultaneous settlement - our client is selling one property and using those funds to purchase another. As there will not be any banks involved in the purchase it must be done using PEXA. For the sale, we have been provided with a paper discharge of mortgage. Am I correct that this means we cannot complete the sale settlement using PEXA as we are not the certifying subscriber? The discharge is dated April 2018, so cannot be lodged as a standalone discharge prior to settlement either. Any suggestions for the most effective work around for this?
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