A young couple planning to buy their forever home lost $75,000 after their bank failed to meet the settlement deadline.
Mark Trau and his fiance Maddie Goyder had paid the large amount as a deposit for the $965,000 home in Brisbane and were given a 30-day settlement.
But just as they were hoping to move in, their bank Westpac failed to secure the payment before the deadline and their contract was terminated by the home’s owners.
The bank came through just one day after the settlement ended but the home had already been sold to another buyer leaving Mr Trau and Ms Goyder without the house and $75,000 out of pocket.
Mark Trau and his fiance Maddie Goyder had put down a $75,000 deposit for the Brisbane home but missed out on the property because their bank failed to meet the settlement deadline
‘We threw everything at this. The bank was the one thing that stopped it from happening on the day,’ Mr Trau told Nine News.
Under property laws in Queensland the couple who owned the house were allowed to keep the $75,000 deposit and then resell the home as the settlement was not secured.
‘We both feel like we’ve been robbed,’ Ms Goyder said.
Westpac has now paid back the couple their $75,000 as well as an additional $25,000 to help them start the next chapter of their lives.
A spokesperson for Westpac told Daily Mail Australia the bank apologised and had worked to resolve the issue for the couple.
‘We’ve done a review of this case and worked with our customers to quickly resolve the issue and put it right,’ they said.
‘While we are limited on what we can say due to privacy, we will continue to work with our customers to support them as they look to buy a home.’
Aaron Roberts, a lawyer with MAP lawyers which specialises in property conveyance, said laws around buying homes in Queensland should be altered to support those involved.
In states like NSW, Victoria and Tasmania there is a grace period after the settlement ends for the payment to be secured.
‘It definitely needs looking at how we can protect all parties involved and place accountability where it should be,’ Mr Roberts said.
The owners of the house ended up re-selling the property as the settlement had not been secured
Source: Daily Mail UK