All Topics / Legal & Accounting / Power of attorney for mortgage

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  • Profile photo of Roberts1911Roberts1911
    Participant
    @roberts1911
    Join Date: 2010
    Post 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 help

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post 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.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://structuring.com.au/
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Aust wide) http://propertytaxbook.com.au/

    Profile photo of Roberts1911Roberts1911
    Participant
    @roberts1911
    Join Date: 2010
    Post Count: 32

    Thanks very much for the help Terry. Appreciate it.

    Profile photo of sapphire101sapphire101
    Participant
    @sapphire101
    Join Date: 2006
    Post 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.

    Ian
    http://theblockblog.com
    Free Property Investment Information, Tools & Resources for Investors with a Sense Of Humour. – USA< Aust>NZ

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,190

    Ian

    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.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://structuring.com.au/
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Aust wide) http://propertytaxbook.com.au/

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