Hi,
My brother in law has just completed building a house for his family and has moved in. He has got certificate of practical completion, but the CCC is still about a month away. The bank does not want to transfer him from building loan onto normal residential one until CCC comes out. They are not allowing booking of rates either. The bank is Westpac. It sounds entirely unreasonable to me. If insurance can be obtained on basis of certificate of practical completion, why do i need a CCC for topping up my mortgage? I know westpac are a bunch of greedy and difficult bankers, so i would not be surprised if it was their policy rather than market practice. Can anyone tell me what other banks do in this situation? Thanks.
My brother in law has just completed building a house for his family and has moved in. He has got certificate of practical completion, but the CCC is still about a month away. The bank does not want to transfer him from building loan onto normal residential one until CCC comes out. They are not allowing booking of rates either. The bank is Westpac. It sounds entirely unreasonable to me. If insurance can be obtained on basis of certificate of practical completion, why do i need a CCC for topping up my mortgage? I know westpac are a bunch of greedy and difficult bankers, so i would not be surprised if it was their policy rather than market practice. Can anyone tell me what other banks do in this situation? Thanks.
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