As Landlords ourselves, we understand the importance of receiving your rental income regularly and on time. We offer you the convenience of both mid and end of month disbursements from our trust account.
Due to the new enforcement policy of the Office of Fair Trading (OFT) surrounding our end of month disbursement and reconciliation of our Trust Account, the date of our end of month disbursements must now be altered under their directive in order to satisfy compliance.
Before completing our monthly reconciliation, we must have processed any bank statements issued within that month. Statements are received either the following day or several days later dependant on weekend closures and/or public holidays.
This processing requirement will significantly impact transfer dates to you as shown HERE in the 2017 disbursement calendar. This is beyond our control. The displayed dates in the calendar are when we’ll now initiate cleared funds to be released from our Trust Account via Westpac Bank. If you have only registered for end of month statements and disbursements, you will not receive transfers on the mid month dates outlined in the calendar.
Please take into consideration normal transfer times between banks, weekends and public holidays which may delay availability of funds.