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  1. #1

    Default Refinancing a home loan where the property is a unit title (body corp)

    Hi,

    We are refinancing a property which is under a unit title (body corp).

    Do you know if the bank will require a PSDS (Pre Settlement Disclosure Statement)?

    From my understanding its only if you are selling the unit.

    Any idea if its refinancing?

    Thank you

  2. #2
    Join Date
    Sep 2008
    Posts
    7,581

    Default

    surely the bank would know?

    clearly me saying

    10 years ago a minor bank

    said it was ok in my particular circumstances

    under the law at that time

    is meaningless

    ..

    this is property

    get it right and you are set for life

    get it wrong and you are screwed for same

    if it were easy

    everyone would be doing it...
    Last edited by eri; 05-05-2019 at 08:39 PM.
    have you defeated them?
    your demons

  3. #3

    Default

    Hi Eri,

    As per the broker, the new bank is not requiring it.

    Our solicitor for refinance informed us that its suddenly needed when we informed them 2 weeks before settlement that the house is under body corp.

  4. #4
    Join Date
    Sep 2008
    Posts
    7,581

    Default

    yeah, i hate that too

    when various professionals can't give you consistent advice

    so ask the people who know

    the bank

    or rely on a defence of plausible deniability
    have you defeated them?
    your demons


 

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