Browse Forums Home Finance 1 Oct 08, 2014 8:59 am Hi everybody, I'm feeling very confused and wondering if anyone has been through a similar situation. My partner and I put a deposit on untitled land. It recently titled and we have gone through settlement. The only people present at settlement were our conveyancer, mortgage broker, and bank (CBA). The bank took money out of our account to pay for stamp duty and fees. Will we get a statement of accounts or receipts? I asked our mortgage broker for a breakdown of all costs he only gave me estimates and said call the bank. The bank only gave me costs incurred for the loan which are added on top of the home loan and weren't paid for on the day. My conveyancer told me about her fee and the settlement adjustment fees before land settlement and I am unable to get a hold of her to ask if she knows who and what has currently been paid for. Money that has been accounted for include; stamp duty mortgage fees transfer of land conveyancer Agency fee rates and outgoings. All of the above doesn't add up to the money that was taken out of our account What is it that I'm missing? I don't understand why mortgage broker or bank cant give me a breakdown of the actual costs? Sorry about the long post. Thank you in advance! Re: Land settlement fees 2Oct 08, 2014 2:59 pm I'm thinking it could be a fee for registration/discharge of mortgage or maybe default interest if you were late to settle. Building in Brisbane with Vernal-Corner & Buchanan https://forum.homeone.com.au/viewtopic.php?f=31&t=73636 Re: Land settlement fees 3Oct 08, 2014 5:14 pm Thanks so much for your reply mitchitygrub! The mortgage registration and discharge fee were $111 each. And we settled land on the very first day that the land titles were issued. There is at least $1400 unaccounted for. Do you have any clue on who is the best person to ask for a rundown of the costs and if we are entitled to know or it's not a big deal and I shouldn't worry about it? Re: Land settlement fees 4Oct 09, 2014 10:28 am The only other thing I could think of is perhaps it is an interest payment in advance. I would get a copy of the settlement statement from your solicitor if you haven't already done so. Also get a copy of an itemised statement from your bank - you may be able to download this off your internet banking. This should show each separate transaction. Also go through your signed mortgage contract - there should be a schedule of all fees that are/may be payable under the loan offer. $1400 unaccounted for is a lot of money. Your bank should be able to tell you all of the costs associated with the loan & your solicitor should be able to tell you all of the costs to do with the legals. Keep hounding them until they do. Building in Brisbane with Vernal-Corner & Buchanan https://forum.homeone.com.au/viewtopic.php?f=31&t=73636 Re: Land settlement fees 6Oct 12, 2014 12:39 am First of all, I'm surprised you mortgage broker was present at settlement, there is no need for him to be there as he has nothing to do with that. Usually it's the legal reps of both parties and the bank. Okay, there might be some lender fees included that you may have missed? Establishment fee, settlement fee, valuation fee, etc? Did you have to pay LMI? That's another cost that may have been incurred. Cheers Tom Re: Land settlement fees 7Oct 15, 2014 5:56 pm Hi Tom, Thanks for your reply. You might be right I don't know if he was there, I just assumed he was for some reason. Our settlement fee of $200 and LMI was added on top of the loan and not paid for at settlement. I'm really confused and don't understand why it's so hard to get a simple breakdown of fees. My conveyancer finally got back to me and broke down her part of the fees (settlement adjustment, her fee and cheque to the vendor) and said to talk to mortgage broker. And my bank sent me itemised statement which only shows capitalised fees, the cheques that my conveyancer told me about, stamp duty and LMI. I'm sure there was no establishment fee. Could be valuation fee but there is none on my consumer credit contract which states all other relevant fees. Is it normal to not receive any sort of summary about payments after settlement? What exactly should I ask my mortgage broker for? Thank youu! Re: Land settlement fees 8Oct 17, 2014 12:37 am You could try the broker and have him try to ask the bank, however due to the privacy act, the bank may or may not give him this info as the loan is now settled and he is trying to access your personal account. Worst case scenario, call the bank and have someone there give you the full itemised breakdown. It's your money, you should be able to know what has happened to it. If they don't know, keep pushing until someone tells you! Basically ask what the "X" amount of dollars that was taken out of he account was used for? Cheers Tom Re: Land settlement fees 9Oct 17, 2014 7:41 am When the conveyancer gave a breakdown of the adjustments did it also include their fees? My conveyancer rip me off close to 800 and i had to threaten consumer affairs for them to send me the statements of account! All fees that were taken out that wasn't part of adjustment should be itemised in your home loan account. Other way to try and get an explanation from the bank is to take the paperwork and go into the branch and demand someone talk and explain it through to you! Good luck, $1400 is a lot of money! Second Build, this time with Carlisle 2016, can't wait! Beckham: viewtopic.php?f=31&t=67280 Canterbury: viewtopic.php?f=31&t=81175 Re: Land settlement fees 10Oct 17, 2014 8:04 am Yeah the conveyancer sent me a letter with her fee ($660), the adjustments ($361.07) and another fee which has something to do with vendors bank ($66) When I got the breakdown from the bank the cheque for adjustments ended up being $357.65. My mortgage broker also wrote the loan with estimated fees. For example He estimated conveyancer fee for $700 but it was actually $660. She (conveyancer) said that there may be surplus funds.. Going to call him today and ask him about surplus funds and if he can give me an exact breakdown.. So far he has only given me his spreadsheet with estimated costs. $10,411 was taken out of our account to cover stamp duty and settlement costs, am I correct in thinking that it is the mortgage broker who advises the bank to take out this amount? Thank you PEARZ and plc! Re: Land settlement fees 11Oct 17, 2014 11:32 pm jands $10,411 was taken out of our account to cover stamp duty and settlement costs, am I correct in thinking that it is the mortgage broker who advises the bank to take out this amount? No, stamp duty, transfer of land, etc has nothing to do with the broker, it's is handled by the conveyancer. They would have had you sign some forms in respect to that. Normally at settlement, the conveyancer will get directions on making out cheques to certain parties (from that you can work out who is getting what), but in your case it seems that instead the money was taken direct from an account of yours. Cheers Tom Re: Land settlement fees 12Oct 19, 2014 1:04 am It's not council rates? When we settled on our land a portion was taken out for water rates and council rates from memory. Our build thread: https://forum.homeone.com.au/viewtopic.php?f=31&t=70984 Re: Land settlement fees 13Oct 20, 2014 3:27 pm plc jands $10,411 was taken out of our account to cover stamp duty and settlement costs, am I correct in thinking that it is the mortgage broker who advises the bank to take out this amount? Normally at settlement, the conveyancer will get directions on making out cheques to certain parties (from that you can work out who is getting what) I have no clue lol. She only wrote four cheques and none were for stamp duty of transfer of land.. So does make it hard. archetto It's not council rates? When we settled on our land a portion was taken out for water rates and council rates from memory. Could be water. We paid land tax and rates and outgoings altogether as the settlement adjustment. My mortgage broker said to email him all the info and he will look into it, so fingers crossed. Thanks everybody for your help. Will let you know what happens. Re: Land settlement fees 14Oct 21, 2014 5:40 pm This is the explanation I received from the mortgage broker.. Can someone please me make sense of it. "The loan amount balance which you have sent me is $207,950 and the amount owed to the vendor including adjustments was $205,466 which is a difference of $2,484 however in this amount you will need to deduct the following: $7,185 Stamp duty $665 – Tol $660 conveyancer $5,004 Mortgage insurance $222 registration cost $13,736 total Less the surplus from the funds owed to the vendor leaves a shortfall of $11,252 – this is $771 less than what they should have taken from your account which explains why your loan balance is slightly higher than the amount of $207,950" Re: Land settlement fees 15Oct 23, 2014 6:52 am Hi Jands, I would recommend you meet with you solicitor and mortgage broker or to call the bank directly to get a clear understanding of the disbursement of funds. This is the best way to get an accurate answer for the question raised. Re: Land settlement fees 16Oct 23, 2014 11:42 am Could be adjustment of water rates...monies are held in trust until the actual amount is known. Also once you've signed with a builder you could get a rebate on the stamp duty. Re: Land settlement fees 17Nov 10, 2014 9:59 pm Hi, the only one who knows exactly how the money is spent (other than what the bank withholds from the loan) is your conveyancer. Ask them for a full schedule of disbursements & it should add up. This, with your first statement from the loan or the loan contract will show everything spent and where. Most brokers are happy to help, but they have no control over how it's spent & are blocked for privacy reasons once the loan is settled. Grab your statement and the disbursements and if it still doesn't add up meet with your conveyancer first and bank second, with your brokers help if need be. It does sound like rate adjustments and or a fee or two to me. Good luck! Rebecca Jarrett-Dalton Property crazy expert mortgage broker, love building new homes! Two Red Shoes mortgage broker http://www.tworedshoes.com.au/building Re: Land settlement fees 18Nov 20, 2014 6:57 pm Hi there, your conveyancer is the one who will do all of the calculations and give instructions on who gets paid what amount on settlement. They will direct the bank to make out the different checks for payment. If you have internet banking look in you account to see where the money went. Sometimes money it may have been transferred into another of your accounts. Is it just a report written to give to the bank initially and it is based on what and how your payments are made up for, or is it a full service where they go out and… 2 5607 0 19998 Yeah I don't know why I came to a forum. Place is full of wierdos/pedos thought internet may help but I suppose I'll try my luck with someone in person. Cheers. 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