Browse Forums Home Finance 1 Dec 17, 2009 11:19 pm I want to tell you this funny story of what happen to me today regarding my FHOG. Slab invoice received from builder. Sent invoice to bank. Bank paid slab. Did FHOG application. Submit to Bank Waiting 2 weeks SRO approval letter arrived a week passed Bank said we're processing your grant transfer from SRO this took a week, so you should have it in the next day or two. (coz a week had passed - see above). another week passed Bank said we don't have proof of the progress payment (ie.slab) so we can't pay you...yet. WTF??? How can they not have proof of the progress payment that they paid themselves directly to my builder? It's even written all over my mortgage account in the ebanking and i'm pretty sure they have a copy of the slab invoice, i sent it FIVE times to them yup i did! And they were good about it too, no hassle, took only a few days to process the invoice payment for slab. That's not even an excuse IMO. So the nice person at the branch who talked to me told me that the bank is bullshitting me. I thought as much. Re: Let me tell you about a funny FHOG story vs the bank 2Dec 18, 2009 8:58 am Pure gold! Unfortunately this type of stuff up is common these days. Many of the banks have had a lot of trouble with construction loans and FHOG's this year. Because of the sub-prime crisis many of them laid off staff at the end of 2008, then the government increased the grant and there was a flood of construction loan applications. The banks just couldn't cope! They hired temps to try to manage the workload. The end result is nonsense like this. We just ask to be put through to a team leader and then usually this kind of stuff gets sorted pretty quick. I reckon in your case the construction department and FHOG department didn't talk to each other. Was it CBA by any chance? Re: Let me tell you about a funny FHOG story vs the bank 4Dec 18, 2009 1:02 pm 4walls Ask them to reduce your mortgage $XX,XXX, seeing as they can not prove they made the payment. HEHEHEH thats what i want too. i wish... And JB, nah its not CBA but its one of the big four =) Re: Let me tell you about a funny FHOG story vs the bank 5Dec 18, 2009 1:10 pm Clever I have a funny bank story but not about home loans. We (work) sent an important document to someone at a bank in September, this week we received it back "return to sender" in the bank's envelope. I rang the contact number that was supplied to find out the correct address...it was the address we sent it to the first time so back it went. They don't even know who they have working there and he is a manager back to the topic................. Re: Let me tell you about a funny FHOG story vs the bank 6Dec 18, 2009 2:03 pm Hi SuH, Your one sounds more like the good old Australia Post delivering to the wrong address and the recipient just writing RTS on it and re-mailing it. Every week I receive letters with other people's address on them and clearly not addressed to me, I have to take them back to the post office. Sometimes the same letters get delivered to me again (with my hand written note on them). What Aus Post do with them is the real problem. Re: Let me tell you about a funny FHOG story vs the bank 7Dec 18, 2009 2:10 pm On the OP, novotel; I wouldn't put too much stress on what some staff wrote on your file. It is most likely a generic message and the reason it is there is because the FHOG team member hasn't actually processed your file yet. Every day we have to decode bank staff generic comments that don't mean anything. For example, if we call up asking why certain things have not been done yet 2 weeks after they received everything, they would enter a comment into the file saying staff called us and asked if we provided document xyz. It's just a self-preservation policy the staff take out to cover their behind. Re: Let me tell you about a funny FHOG story vs the bank 8Dec 22, 2009 3:22 pm Just wondering when our FHOG gets paid to us? In the letter from the SRO, it seems that they wont release the funds until settlement of the house, is this correct? thanks Idiots are fun, that's why there is one in every village! - Dr. House - Re: Let me tell you about a funny FHOG story vs the bank 9Jan 03, 2010 11:57 am Similar story (with CBA though)... Paperwork for FHOG filled out and submitted with loan documents. Second deposit paid by the bank to the builder - no worries. Slab invoice paid by the bank to the builder - no worries. Meanwhile we start wondering why we haven't received the letter from the SRO about our FHOG being approved (we needed it to claim a special credit from the builder for First Home Owners) since we were told it normally takes a couple weeks at the maximum. Checked with the bank, yes it's been submitted should receive it soon. Meanwhile we receive the next invoice (frame etc) and give it to the bank to pay the builder. Two weeks on we get a letter from the builder saying they haven't received payment and reserved the right to financially penalise us (rightfully so). We ask the bank what's going on and get this reply - "We don't have any record of your loan documents or FHOG grant paperwork so we can't make the progress payment." Me: "Yeah? Does that mean I don't have to repay the money the bank has already paid me/the builder?" Them: "We don't understand." We then provided them proof the bank had approved our loan and then paid the builder two stages. Us: "The builder said since they haven't received their payment they may impose a penalty so you (the bank) will have to pay that." Bank: "Uhh no we don't." After some choice words to the young silly dog (she already had given us extremely poor attitude when we were being nice) and asking to speak to the Branch Manager, the bank agreed to handle the builder directly and work out a solution." Turns out the loan docs were never submitted and neither was the FHOG. Al & Caitie- Building the Hamilton 278 (Coral) at Narangba Re: Let me tell you about a funny FHOG story vs the bank 10Jan 05, 2010 11:12 am Quote: Just wondering when our FHOG gets paid to us? In the letter from the SRO, it seems that they wont release the funds until settlement of the house, is this correct? If you have lodged your FHOG app via your lender and you have purchased an established home then the FHOG is paid upon settlement of the purchase. If you are constructing a new home then FHOG is paid after the slab is laid (i.e. once the bank received the 1st progress payment invoice). Some lenders like Westpac will pay the FHOG on a construction loan upon land settlement if they have received a copy of the signed building contract and the FHOG application. Patrick O'Brien Re: Let me tell you about a funny FHOG story vs the bank 12Jan 20, 2010 5:33 pm nietzche we've got our FHOG claim stuffed up by the bank as well, and have successfully claimed for the interest foregone and a total refund of the loan application. Same here. In fact the interest on the FHOG is still tabulating because they now need to wait until the next invoice before they can lodge it again. If a bank delays your FHOG and instead makes a payment using mortgage funds, be sure to get them to refund the extra interest you're paying. And also make sure you confirm in writing with them exactly how they will calculate it and on what rate. I found it was best to skip the lending manager and deal directly with the branch manager because lending managers often only care about making the deals to get their commissions (or 'referral bonsuses', or whatever they call them now) rather than sorting out issues. Whilst at it, drill em a little more for some sort of extra compensation for screwing you around. Regardless of what the ads say, the banks are not your friend How much are you ahead in payments compared to where the build is at? Have you fully drawn down the loan? 5 11916 Hi, We have a single story MacDonald Jones house, on a waffle pod slab with steel frame. Are we able to build a second story extension? Other info is we are 900mm from… 0 8474 We bought land in Tallawong Schofields NSW size 30m X 12.5m and planning to get double story house build around 350 sqm. We are thinking about having premium inclusions… 0 4087 |