Hi, I know this is a shares forum but you only need to look at the property threads to know that there are quite a few people here experienced with property.
I was wondering if anyone had any tips/advice for my predicament...
I recently purchased my first PPOR. I received the first home buyers grant of $14K from the federal govt. I was also entitled to a $3K grant from my state govt (Victoria). However, instead of getting the grant from my state govt I applied for stamp duty exemption as I have a Department of Veteran Affairs Health Care Card.
The list of the cards accepted are on the State Revenue Office's website listed here: http://www.sro.vic.gov.au/sro/SROWeb...concession.htm
My card is not the "gold card" listed, however it falls under the category of "Health Care Card (Centrelink or Veterans’ Affairs)". I rang the State Revenue Office to confirm I was eligible. I was told yes. I printed out the form to fill in, yet the form only lists "gold card" and "health care card (centrelink)", it doesn't say Veterans Affairs for the health care card. I rang them back speaking to a different person, and was told I was not eligible. I was told by my mortgage broker to call again as I had received 2 different answers. I called again (speaking to a 3rd person), this time I was told they weren't sure, but to fill out the form and try anyway, as the worst that could happen is that it is denied.
A few weeks before settlement I got a call from my mortgage broker stating it had been accepted. As you can imagine I was very happy. Settlement was 8 weeks ago and went fine and I moved into my home.
Then on Tuesday I received a call from my conveyencer stating that my application for Stamp Duty Exemption had been denied and I'd need to pay for it. I didn't understand, as I had already been told by my Mortgage Broker that it had been approved. I was also wondering why this was an issue now, and how settlement actually took place if there were a problem.
I rang the State Revenue Office and they told me they only accept the Department of Veteran Affairs Gold card, as listed on the application form. However their website clearly states that it accepts my card too. But they wouldn't listen.
I then called my Mortgage broker to find out why the hell I was told my Stamp Duty Exemption was approved if it hadn't been. According to their notes, the CBA (my mortgage provider) told my Mortgage Broker that it had been approved. They also have the name of the CBA person who told them this. They called the CBA to find out what happened. The CBA merely said it was a mistake on that persons behalf, and he should not have told my mortgage broker my exemption had been accepted.
The reason it took so long for anyone to realise this is because apparently it takes the State Revenue Office 6-12weeks to finalise Stamp Duty on properties.
I was told by my mortgage broker that because I'm not eligible for the stamp duty exemption, I would be entitled to the $3K grant from my state govt and a slight concession as the house is my PPOR. However this still leaves me out of pocket close to $8K. I asked my Mortgage Broker why I should have to pay when it was clearly the mistake of the CBA. I was told they "empathize" with me, and that they highly doubted CBA would pay for the mistake, being such a "big bank".
They even stated they would not go into bat for me against CBA. It seems that my mortgage broker has received their commission and no longer gives a flying toss. I paid my conveyencer almost $1K, yet seeing as they have received the money and attended settlement, they won't help either.
I am now going to visit my mortgage broker and demand a print out of all my notes/files, and take it to CBA. Then ask CBA to fix their mistake, because I sure as hell am not going to fork out $8K for their incompetence.
Everything I do financially is through CBA - I have streamline account, 2 savings accounts, credit card, house insurance, my commsec trading account, and of course my mortgage. Would threatening to take all my business elsewhere act in my favour? Or am I too small to matter?
Anyone that has any ideas/tips/advice, it would be greatly appreciated. Cheers.