What is a shortfall?
A shortfall happens when the loan amount we’ve approved for your refinance is less than what’s needed to pay off your current home loan.
This gap can be caused by a few things, like extra fees from your current lender (discharge, early termination or settlement agent fees), or interest that’s built up since your last repayment.
It’s not unusual, and it doesn’t mean anything’s gone wrong. It just means there’s a difference between what we’re lending and what your lender needs to close out your loan.
We’ll contact you with your options so your settlement can go ahead as planned.
How will I know if there’s a shortfall?
We’ll contact you by email and SMS on the morning of your settlement day if a shortfall comes up.
What if the payout figure looks wrong?
The payout figure comes from your current lender. It includes any interest since your last repayment and any fees they’ve added.
If something doesn’t look right, it’s best to contact your lender directly. Once it’s sorted, we can request an updated payout figure for you.
What do I need to do when there’s a shortfall?
Here’s what to do:
If the shortfall is under $10,000 we’ll ask you to transfer the amount to an account held by FMS, our settlement agent by 2pm (AEST) so settlement can go ahead as planned.
If it’s over $10,000 our team will guide you through the next steps.
What happens if I don’t transfer the shortfall by 2pm?
If we don’t receive payment confirmation by 2pm (AEST) on the day we notify you, your settlement will be postponed. Unloan will not charge any fees for a postponed settlement.
We’ll reschedule it for the next available date, depending on your current lender’s availability.
Keep in mind, the payout figure may change as interest is calculated daily.
How do I confirm I’ve made the payment?
Some banking apps have a ‘Share’ feature you can use to send your payment confirmation to [email protected].
Or, you can take a screenshot and email it to us as an attachment.
Need help?
The easiest way
Log in and reach out via live chat.
Prefer email or phone?
No problem. You can also contact us:
Email: [email protected]
Request a callback: 1300 630 000