Browse Forums Home Finance Re: Land settlement fees 2Oct 08, 2014 2:59 pm Building in Brisbane with Vernal-Corner & Buchanan https://forum.homeone.com.au/viewtopic.php?f=31&t=73636 Re: Land settlement fees 4Oct 09, 2014 10:28 am Building in Brisbane with Vernal-Corner & Buchanan https://forum.homeone.com.au/viewtopic.php?f=31&t=73636 Re: Land settlement fees 9Oct 17, 2014 7:41 am 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 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 5658 0 20615 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. I tried… 0 6490 |