- August 14, 2023
- Posted by: legaleseblogger
- Category: Related News
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Title: Seeking Advice on Unexpected Mortgage Offer Change
Introduction:
Greetings everyone, I am in need of some guidance in a situation involving our mortgage offer. Our settlement date is just around the corner, and unfortunately, we have encountered an unexpected alteration in the terms provided by ANZ, with whom we confirmed our mortgage offer and fixed terms through our mortgage adviser on 21 July. We are now faced with a reduction of $3000 in ANZ’s cash contribution. Being first-time home buyers, this amount is significant for us, as it constitutes a substantial portion of our savings that we had already factored into our budgeting and plans for the coming months.
Current Dilemma:
ANZ’s sudden shift in the offer has caught us off guard, especially considering that our mortgage adviser did not explore other options from alternate banks. Consequently, we feel compelled to accept this modification from ANZ due to the imminent settlement date. However, this unforeseen change poses a dilemma for us as we find ourselves questioning whether there is anything we can do to address this issue or if we should simply accept the new terms and move forward.
AI Legalese Decoder to the Rescue:
Fortunately, in situations like these where legal intricacies can be challenging to navigate, the AI Legalese Decoder can prove to be an invaluable tool. With its advanced algorithms and language processing capabilities, this remarkable technology can assist in deciphering complex legal jargon, contracts, and documents, enabling us to fully comprehend the terms and conditions at hand. By utilizing the AI Legalese Decoder, we can better understand the implications of ANZ’s modified offer and whether there may be any room for negotiation or dispute.
Doubling the Length:
The AI Legalese Decoder can be a crucial ally as it not only ensures we comprehend the legalese in its entirety but also analyzes precedents and legal statutes to provide us with informed recommendations. By utilizing this technology, we enhance our chances of making an informed decision about whether to accept ANZ’s revised offer or explore other options. Additionally, the AI Legalese Decoder can assist us in understanding our legal rights and what avenues may be available to pursue our concerns with ANZ, given that they did not honor their initial offer.
We recognize how disheartening it is when a financial institution fails to honor their commitments. Nevertheless, we should remain professional and explore potential solutions rather than hastily accepting an unfavorable outcome. With the assistance of the AI Legalese Decoder, we can gain a stronger understanding of our options and assess the potential consequences associated with each choice.
Conclusion:
In conclusion, the unexpected modification to our mortgage offer by ANZ has presented us with a challenging situation. However, thanks to the AI Legalese Decoder’s capacity to decode complex legal language and provide informed guidance, we can navigate this predicament with a deeper understanding of our rights and potential courses of action. As first-time homeowners, the $3000 reduction in ANZ’s cash contribution significantly impacts our financial plans. Nevertheless, armed with knowledge and the support of advanced technology, we can make an informed decision and address this matter appropriately while safeguarding our interests.
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AI Legalese Decoder: Simplifying Legal Language
Introduction:
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****** just grabbed a
Have you talked to your broker or lawyer?
I don’t know the rules. But IMO I’d be telling ANZ that’s tough cookies. They need to hold up their end of the bargain.
Have you signed the loan documents? We settled with ANZ three weeks ago and had a $5000 cash back. It was noted in the loan documents and IÔÇÖd imagine if youÔÇÖve signed them then itÔÇÖs tough luck on their behalf
You could try walking into another bank directly with all of the information you have for the application and see if someone can assess a loan urgently for you.
There are some bankers who would accommodate you if they have capacity. It will take some of your time and there are less likely to be available lenders over a weekend because those normally book up
They tried to drop ours from 5k to 3k, a week before but I got the anz rep to ask for an exception and it was approved and we received the 5k.
First of all tell ANZ youÔÇÖd like to make a formal complaint, and ask how you can go about that. Five times out of 10 on one like this theyÔÇÖll immediately roll over and pay you the $3000 or make a partial offer. If the complaint is not resolved to your liking, go knock on the banking ombudsmanÔÇÖs door and get an opinion from them.
ThatÔÇÖs shocking. Have you got it in writing from ANZ?
ItÔÇÖs normally done as a percentage of your borrowing. If the initial cash contribution offer was greater than 1% of your loan then it probably was a genuine error.
This happened to me, I asked Lawyer what we could do and basically mistakes happen and it sucked but thereÔÇÖs nothing we could do
At least you’re not part way to your new house on settlement date and find out someone at ANZ missed a zero and only paid out 10% of your loan to the lawyer…
Then they take 3 hours to fix it.
Broker kicked up a stink for us and ANZ eventually gave us a token couple hundred bucks to pay for the extra time the movers charged.
Does a signed agreement have the NZD5k cash back on it? If so, you may have recourse. I would also ask whether there was any general notice that this had changed, or if this has simply been an internal amendment.
Broker needs to be escalating this via BDM as it sounds like an ANZ problem and not a you problem. Going direct to ANZ will result in a referral back to your broker to sort the issue, you will have more luck engaging with the brokerÔÇÖs complaint process.
Can also confirm going to Westpac or ASB would have been a waste of time for everyone as their pricing would have been so far off ANZ.
IÔÇÖm surprised more commenters arenÔÇÖt blaming the broker here. ItÔÇÖs his responsibility to make sure you get the deal he brought to you.
Personally, IÔÇÖd be shopping around for new lending, hopefully with some cash back, change banks and ignore the broker when he tries to clawback his lost commission.
What was the rate you got?
This seems unusual. Have they offered 1% upto (amount) cashback?
Also, if the $3000 plays a large part into your budgeting, maybe it’s not the right time for you to purchase your first home.
The mortgage broker works for you without you they don’t get paid. If you want them to go to other banks you have to tell them – you should also look at what other banks are offering and get ANZ to match. If you’re unhappy with your mortgage broker get a different one.
Don’t rush into buying a house it’s a big decision, especially with loan terms based on 30 years.
Most banks if you do not have a large enough deposit are not accepting new customers hence your broker may have only been able to go to ANZ. They should have told you though. If you have signed the loan documents with the cash contribution they cannot back out at this point it is now on the bank.
I would say either of 2 scenarios are at play:
1. The offer the bank gave your broker was not ÔÇ£acceptedÔÇØ by your broker in time and therefore they are unable to honour the same offer as before.
2. The broker may have included incorrect details in the original which upon changing the offer had to be ÔÇ£reviewedÔÇØ
In any case, if the broker or you have confirmation from the bank about the cash offer IÔÇÖd suggest you go back to the bank and see if thereÔÇÖs any leeway. Given that the customer experience is at the heart of their services; they should be able to see reason to go back to the original offer.
Good luck with it all anyway and congratulations on your first home 🙂
I honestly don’t know why people use brokers. All your broker did was talk the ANZ the same you would have yourself. And now you can’t refinance for a period, or you’ll be paying your broker’s fees on behalf of the bank.
A similar thing happened to us too. We got our mortgage through ASB, via a mortgage broker. The broker had assured us that ASB would give us a 3k cashback (which we were relying on to pay the solicitor), then she turned around after our offer was accepted and told us they had withdrawn that cash back. I did wonder if the mortgage broker had somehow done the dirty on us. But I didn’t question it
I’d ask to see proof it was the banks error and not his. Perhaps he forgot to deduct his commission before giving you that amount initially?
Rates and offers can change at any time up until the loan is documented. Unless youÔÇÖve signed a cash contribution agreement, youÔÇÖre probably out of luck – as shit as that is.
Friendly reminder that mortgage brokers donÔÇÖt actually work for you, they have contracts with specific banks and will drive you towards those banks for their commission. Hence why you only got rates from ANZ.
Go with someone else, always fish around in the market
Do you have any documents that say this and if so did you need to sign them?
If yes then the bank should pay it, if not then it sounds like the broker stuffed up.
Tell anz to get stuffed, tell them you will go elsewhere because of the 3k. they may have the ability to honour it… if you mention you will go elsewhere.
I’d be speaking with your broker. Once locked in, I’ve never seen changes made by the bank. I’d be checking with your broker whether they actually locked it in.
Stay your ground. You can make a complaint with https://bankomb.org.nz itÔÇÖs a free service.
Fight to get it back just for your present convenience. Guessing overall $3000 is between 0.6-0.75% of the total loan ANZ is giving you. May not want to derail the entire thing based on the small percentage. Your lawyer fees should be about that much.