Recommendation - 14 June 2017

Key Issues: 

Home loan | Mortgage broker | Delayed settlement of property purchase

Case summary

The FSP partially delayed settlement of the consumers’ property purchase, as the FSP did not inform the consumers of certain loan (settlement) requirements until after the settlement date.

As a result, the consumers incurred vendor penalty interest and legal costs.

The FSP accepted our Recommendation to pay the consumers compensation of $3,769.50, comprising of a proportion of the vendor penalty interest and legal costs resulting from the delay in settlement.

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