Reviewing Council Rates Notices for Refinance Files
Council rates notices confirm property ownership and the current rates position. They are a standard document on refinance files and equity releases.
Confirming the owner of record
The council rates notice shows the registered owner of the property for rating purposes. The names on the notice should match the title search and the applicants on the file. A mismatch suggests the property ownership is different from what has been declared, which needs to be resolved before the file proceeds.
Checking for rates arrears
Current and overdue rates balances are shown on the notice. Rates arrears are a charge on the property title and need to be cleared before or at settlement on a refinance. Some lenders will require evidence of clear rates before drawdown.
Cross checking property details
Confirm the property address, lot and plan details, and land use classification against the title search and loan application. Any inconsistency signals a data error that needs to be corrected.
Key takeaways
- ✓Use council rates notices to confirm registered ownership
- ✓Identify any current or overdue rates as a charge on title
- ✓Cross check property details against the title search
- ✓Collect a current notice rather than a historical one
How QualifyMate helps
QualifyMate organises the document pack so council rates notices sit alongside the related home loan and credit report data on a refinance file, making it easier for brokers to confirm property and ownership details before lodging.
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