澳洲Australia property Cheque Banking question | Sydney


在澳大利亚 I need some advice regarding a property purchase. Property - semi-detached house Bedrooms - 2 Condition - average needs internal reno to modernise Street - one of the best in suburb Location - excellent Close to schools - yes Transport - 50m The pool at of an IP needs to be resurfaced (or so the pool doctor says), the cost was estimated to be $10K ($10,000), after recoverying from my impresssion of a cat coughing up a fur ball, it just seems far too much. Its just a standard poo


Can't get through to WBC at present so was wondering if any of you know the answer.

I am recieving a substantial settlement cheque on Friday. I know I can't draw on the banked cheque for 3 business days. However, if I deposit the funds (bank cheque) into my offset account on Friday, will they be offsetting immediately or only after 3 days when they are cleared?  

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Surprised cheques are still involved in the settlement, or used at all anymore (mostly gone in Europe). Why don't they transfer direct to your account ? Then you'd definitely get the offset immediately.  

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Good question Joe, always been cheques handed over at settlement for my transactions. Maybe I will just ask for 350k in cash and go deposit it direct! :D  

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I have asked my bank for a 'special clearance' before to make funds available immediately. Ask if that is possible! http://www.google.com.au/#hl=en&sou...ql=&oq=special+clearance+&fp=76928b9d776f349f  

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I have smaller amounts deposited regularly and with my old banker it was organized immediate clearance,however since I have a new banker,I noticed my cheques not clearing immediately,when I asked the question to the bank manager
,I was told it would offset immediately,don't know if I believe them or not?  

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I think you would gain the benefit of the extra money in your offset account as soon as the cheque is banked.

When I deposit a cheque the account balance rises immediately, but the "available funds" does not until the cheque is cleared. As the balance of the offset account is what counts, I think you will be OK.
Marg  

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Thanks folks,

Will try to get through the phone queue again tomorrow to check. Got sick of waiting today after getting cut off twice after holding for around 10 mins each time. Thank goodness for the speaker phone. :)  

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We had a similar issue, and I wanted the money straight away. I didn't believe the "this is what we do" and "that is the way it is".

I spoke to a lot of people at Westpac, and eventually got a code that the person depositing the cheque (or filling in the deposit slip) needs to write on the slip. This will allow the cheque to be cleared straight away.

I would suggest a visit to a branch may be in order.

Good luck.  

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So the answer is....... As soon as the funds show up into the WBC classic plus account it will start offsetting. The cheque will take one business day to show up so the money will only begin offsetting on Monday since we settle tomorrow (Friday). So I would pay $140 in extra interest for the 2 days offset delay. Alternatively, I have instant clearance with CBA (but no loan with offset) and could put into net bank saver for 2 days at 4.75% gaining $97.

Otherwise, I could try depositing the bank cheque into CBA, then withdraw the 375k in cash (if they have it and would allow me :D) walk it a few doors down to WBC and deposit it straight into my account to gain instant offset. :D

Joe, My solicitor says that settlement cheques are always drawn for auditing reasons.  

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If you give them the heads up ie today - the should have the funds avail on 12-24hr notice.

How much do you value do you put on your time?  

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Rockstar said: ↑
Joe, My solicitor says that settlement cheques are always drawn for auditing reasons.Click to expand...
When I sold last year in NSW no cheques were involved. I haven't seen a cheque in years, I thought they were going the way of the Telex, FAX, etc.  

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marg4000 said: ↑
I think you would gain the benefit of the extra money in your offset account as soon as the cheque is banked.

When I deposit a cheque the account balance rises immediately, but the "available funds" does not until the cheque is cleared. As the balance of the offset account is what counts, I think you will be OK.
MargClick to expand...
This is my understanding too.

The "special clearance" costs because they have to send the piece of paper by courier to the originating bank to confirm it's authenticity. (It could be a forgery). If you don't NEED the money immediately it would prolly cost more than the interest gathered, should Marg and I be wrong.  

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Our February settlement resulted in a cheque deposited by the solicitor straight into Westpac straight after settlement.

From memory, I think we paid her an extra fee ($20???) to have her girl deposit it. Our other alternative was to pick it up from her that afternoon, and possibly miss getting it into the bank that day.

It shows up on our statement as being deposited the day of settlement, so you should be right and shouldn't lose any days.  

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wylie said: ↑
It shows up on our statement as being deposited the day of settlement, so you should be right and shouldn't lose any days.Click to expand...
If this was the case then no worries but the woman on the WBC phone enquiry line told me it would take 1 business day to show up which takes it over to Monday. Sounds like the best option is to pay the early clearance fee which shouldn't be more than $20. :)  

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joeExpat said: ↑
When I sold last year in NSW no cheques were involved. I haven't seen a cheque in years, I thought they were going the way of the Telex, FAX, etc.Click to expand...
Must be an in house policy for that solicitor. Money from the purchaser is sitting ready in the trust account on settlement day. Then the solicitor draws it out as bank cheques made out to the relevant parties. Then we can pick it up ourselves or have the solicitor deposit the cheque into our account for us.  

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Solicitor's trust accounts earn no interest for the solicitor so there is no monetary benefit for them in delaying having the cheque presented.  

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Deposited the cheque in WBC local branch at around 3.30pm and was assured (after a phone call to head office) that the money would immediately be available to offset my loan - though I can't draw on it for 3 days. :)  

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I would google your local branch call the bank manager and ask him/her to look into it and call you back. All Westpac BM contact details are online and expected to provide this service put them to the test.  

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