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Anita T.
Anita T.
Canterbury, VIC
3 Likes
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My partner and I are separating and I'd like to know if it is possible to freeze our redraw account until our house is sold?

5 years ago

Responses

Hi Anita,
Sorry to hear of your situation. You can vary your current authority with the bank from 'either to sign, either to transact' to be 'both to sign, both to transact' on the loan for redraw. If it is an offset account, you would need to remove card access and change the authority to both to sign.
Call your bank immediately and explain your situation
Best of luck
Scott

Comments

Thank you for your answer Scott, very helpful

Hi Anita,

This can be done but you would have to speak to your Bank. However, assuming that both of you are signatories, you would both have to agree to this and both would have to sign the authority.

If you are both unable to agree with this and you are worried that some un-agreed to withdrawals may occur, as one who has been through this before, I would be speaking to your solicitor and I think you will find that these can be taken into account at the final settlement and debited against the other party's share of the mortgage and not yours.

Hope this helps.

Cheers,

Michael Budge
Director
Bayside Finance Group

Comments

Thank you Michael - I will follow this up with my solicitor

Hi Anita,
Yes, I believe your First action should be to get advice from a Family Law Expert. My friend Patrick Earl is someone you might like to call on 1300 ADS LAW (1300 237 529) [one three hundred, two three seven, five two nine] as he is a Family Law Expert with clients interests in mind...

Sorry to hear the relationship didn't work out, hopefully, Patrick can point you in the right direction to make it as painless a process for you as possible.

Graham

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