Roberts1911Participant@roberts1911Join Date: 2010Post Count: 32
Hi everyone just a quickie – iv’e been told that you can’t have a power of attorney that you have nominated to sign any mortgage documents as the property is in your name. True ? Thanks for any helpTerrywParticipant@terrywJoin Date: 2001Post Count: 16,190
Not true. Your attorney can sign any documents which you can. HOWEVER – many banks will not accept their loan documents signed under a power of attorney. I went through this recently with CBA and they wouldn't allow it. I have also done it many times with ANZ without problems – but this was many years ago now.Roberts1911Participant@roberts1911Join Date: 2010Post Count: 32
Thanks very much for the help Terry. Appreciate it.sapphire101Participant@sapphire101Join Date: 2006Post Count: 203
Ditto Terry's comments.
Power of attorney docs not recognised by banks/ lenders. In my case ING and My Rate (ING) and Westpac therefore creating a situation where the banks consider themselves to be above the law of this country.
Free Property Investment Information, Tools & Resources for Investors with a Sense Of Humour. – USA< Aust>NZTerrywParticipant@terrywJoin Date: 2001Post Count: 16,190
Not recognised for loans maybe, but for other matters they would be. Such as operating accounts etc.
The trouble with loans is if the attorney signs certain documents then there are privacy issues such as releasing information of the donor which will be seen by the attorney and the attorney making declarations for the donor which they don't know are true. It is also their money so they can make the rules regarding this.