MMMM. sounds similar to my situation expect mine is as a result of a separation, so too be a divorce. As my ex wife is on the mortgage, in order to get her removed from the mortgage documents, Credit Union of Australia (CUA) say I have to reapply for the same loan again.
But now, I need to borrow extra in order to settle a property settlement with my Ex wife and pay out our other joint debts. If the property settlement wasn’t hard enough, now I am banging heads with CUA.
I have a provision where I can make a bulk repayment under the fixed load, wait for it to clear and then pay the last $ 50o and CUA say this will not incur any early repayment fee. However, in order to get more finance the new lender wants a clear title which I can't provide.
I have considered getting the extra money from CUA, however their terms aren't suitable as given the amount I need, and I need a longer term than their 30 years. Sounds silly I know, however I need to get a 35 year term loan so I can afford to keep the house, otherwise I will have to sell.
As for the extra finance, CUA say no, but another lender, actually two others (in fairness as I am naming CUA for bad, good should be acknowledged they are ANZ and Police and Nurses credit Union said they will lend the money even as a second mortgage, however there is an incredible amount of paperwork and fee's involved.
So to settle with my ex with me keeping the house which is part of the settlement, staying with CUA means I have to sell the house as they won't lend me the money I need. Also, I have asked as there is a means to payout their loan, if I make a bulk repayment, then the remaining balance, however to allow me to pay it straight out which allows the new lender to get a clear title, they will not reduce the early repayment fee.
As for the title, I should also mention that CUA lost the title over 2 years ago during the settlement of (at the time) our house. (In fact they lost everything - title, discharge, mortgage documents)They sent documents out to get a new title and tried amending some of the terms of the loan, to which I said no, as I had a copy of the original terms. Anyhow, it has taken nearly 2 years to get CUA to acknowledge my terms of the mortgage, but they still are happy to sit back and see huge break fee's as I need to re-finance elsewhere as they won't, or keep the loan with then and sell the house...MMMMM ... CUA, not that customer friendly if you ask me.
